• Empire Resorts Monticello Ny
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• Empire Resorts Catskills
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Get with the program. M life Rewards gets you access to the best MGM Resorts has to offer. Join today and receive:. Up to 15% off room rates. Pre-sale ticket offers to world-class entertainment. New York casino operator Empire Resorts is shutting down slots operations at the Monticello Casino & Raceway to avoid cannibalizing its new Catskills property. On Tuesday, Empire informed the US. Empire Resorts is an experienced gaming and resort management company located in Monticello, N.Y. It is the owner and operator of Monticello Raceway, featuring one of America's only year-round harness racetrack, along with more than 1,500 video gaming machines and amenities, such as a 350-seat buffet and live entertainment.

Empire Resorts is a company that owns the Monticello Raceway in the Catskill Mountains 90 miles (140 km) from New York City.^[1][2] Headquartered in Monticello, New York, Empire Resorts is 88.7% owned by Kien Huat Realty Sdn Bhd^[3] of Genting Group.^[4][5]

Empire Resorts is currently developing the five-star Resorts World Catskills, a US$1.5 billion 1700 acre resort currently under construction on the site of the former Concord Resort Hotel in New York State’s Catskill Mountains.^[6][7]

History[edit]

Empire Resorts was founded in 2003 through a consolidation of Alpha Hospitality and Catskill Development LLC, a company that had purchased the Monticello Raceway in 1996.^[8][9] The consolidation was carried out by Robert A. Berman, who in the previous year had been offered control as CEO of Alpha Hospitality by Stanley Tollman.^[10][11]

Empire Resorts Monticello Ny

In 2003, Berman restructured Alpha Hospitality after principal shareholders of the Bryanston Group (Alpha Hopitality’s controlling shareholder) were indicted on tax-related charges.^[12][13] Berman restored financial stability by selling off non-essential gaming assets and merging the company with Catskill Development LLC, which led to the creation of Empire Resorts that same year. During this time Berman also arranged for Empire Resorts to sell common stock through Jefferies Group.^[14][15][16] This resulted in Empire Resorts receiving over $35 million in new funding.

In 2003 Empire Resorts became a NASDAQ Global Market company,^[17] trading under the ticker symbol 'NYNY.' In 2004 Empire Resorts entered into an agreement to purchase the Concord Resort Hotel from Louis R. Cappelli.^[18][19] The transaction was later modified by Kien Huat Realty, which gave way to the $1.5 billion resort project currently financed and under construction by Empire Resorts.^[20][21] The project is located on the site of Adelaar, a resort developed by Entertainment Properties Trust within the Concord Resort Hotel.^[22] The entertainment complex will include an 80,000 sq. ft. casino, multiple hotel properties, waterparks, and a retail village, dining and entertainment areas.^[23][24] The project is expected to be concluded by 2018.

In 2009, Kien Huat Realty invested a further $55 million in new equity capital, which represented just below 50% of the voting power of Empire Resorts.^[25][26] Kien Huat is an investment branch of the Genting Group, a large leisure and gamblingconglomerate founded by Malaysian entrepreneur Lim Goh Tong.^[27] Kien Huat, which had previously financed the startup of Foxwoods Resort Casino and the Seneca Niagara Casino & Hotel in New York, was fronted by CEO Lim Kok Thay (Lim Goh Tong’s son).^[28][29]

In 2010 the Genting Group won a bid to build a racino similar to what it owned in Monticello at Aqueduct Racetrack in New York City.^[30] In December 2015, Empire Resorts received a full gaming license for Montreign Resort Casino in New York.^[31] On February 2016, Kien Huat Realty purchased $290 million worth of shares, giving the firm 88.7% ownership of Empire Resorts.^[32]

Empire Resorts currently owns and manages several subsidiaries in the hospitality and gaming industries. The company owns and operates Monticello Raceway and casino in New York through its subsidiary, Monticello Raceway Management, Inc. The 230-acre (93 ha) property is located approximately 90 miles northwest of New York City. The complex offers over 1,110 VGMs, with over 40 electronic table game positions, over 1,000 video lottery terminal slot machines, electronic table games, and one of the largest all-weather harness horse racing tracks in the nation.

On January 23, 2019, Empire announced that it would close Monticello Casino’s VGM operations “on or about April 23,” 2019. Empire CEO Ryan Eller said the closure was intended to “improve revenue performance at our nearby Resorts World Catskills property.” Monticello's racing operations will remain open.^[33]

Empire Resorts Casino Monticello New York Times Square

References[edit]

Empire Resorts Casino Monticello New York City

1. ^'Empire Resorts Reveals Plans for Potential Catskills Casino'. Casino.org.
2. ^'Empire Strikes Back in Casino Battle'. Wall Street Journal.
3. ^'Casino near NYC would kill Catskills, bidder says'. Crains New York.
4. ^'Empire Resorts' largest shareholder buys nearly $290M of additional shares'. Record Online.
5. ^'Board Backs Casinos in the Catskills, Near Albany and in Central New York'. New York Times.
6. ^'Empire Resorts, Inc.'s Gaming Facility License for Montreign Resort Casino Becomes Effective'. Business Wire.
7. ^'Montreign Resort Casino goes vertical as pace of construction picks up'. Record Online.
8. ^'Company Overview of Empire Resorts Inc., Prior to Reverse Merger with Catskill Development, LLC'. Bloomberg.
9. ^'Alpha Hospitality to Become 'Empire Resorts, Inc.' Trading on Nasdaq under New Symbol: NYNY'. Businesswire.
10. ^'Empire Resorts, Inc'. Reference for Business.
11. ^'As Catskill Casino Takes Shape, It Is Beyond One Backer's Grasp'. New York Times.
12. ^'In-houser charged with fraud and tax evasion'. The Lawyer.
13. ^'Tax Fugitive's Son Pleads Guilty to Evasion Charges'. New York Times.
14. ^'In Catskills, the Long Wait for a Casino Nears an End'. New York Times.
15. ^'Empire Resorts, Inc. History'. Funding Universe.
16. ^'Empire Resorts, Inc'. NASDAQ.
17. ^'Empire Resorts, Inc'. NASDAQ.
18. ^'Developers plan $700 million gaming resort in Catskills'. Indian Country News.
19. ^'Empire Resorts and Concord Associates Conclude Agreement to Develop a $700 Million Entertainment and Gaming Complex in the Catskills'. Business Wire.
20. ^'As Catskill Casino Takes Shape, It Is Beyond One Backer's Grasp'. New York Times.
21. ^'Alpha Hospitality to Become 'Empire Resorts, Inc.' Trading on Nasdaq under New Symbol: NYNY'. Business Wire.
22. ^'Louis Cappelli, Who Bought th Bankrupt Concord Resort Hotel for $10.25 million in 1999, Hopes to Land an Indian Casino'. Hotel Online.
23. ^'Major Resort Developments to Provide Significant Economic Boost to Region'. Realstate In Depth.
24. ^'Empire Resorts and EPR Properties Showcase $1 Billion Entertainment Lifestyle Complex to the New York Gaming Facility Location Board'. Business Wire.
25. ^'Empire Resorts Concludes $55,000,000 Investment Agreement with Kien Huat Realty III Limited'. Euro Investor.
26. ^'What's Planned For The Adelaar Resort Complex?'. Gunk Journal.
27. ^'Malaysian Developer Wins Big From NY's Decision on Casino Locations'. Wall Street Journal.
28. ^'Top Asian In US Gaming Takes Desert, Mountains, Wants Beach For Only Truly Global Casino Brand'. Forbes.
29. ^'Genting grows business in US and South Korea'. The Star.
30. ^'Genting Bets Big on Resort Casino at Aqueduct'. Wall Street Journal.
31. ^'Genting Malaysia Big Apple acquisition for possible new U.S. projects'. World Casino.
32. ^'Empire Resorts' largest shareholder buys nearly $290M of additional shares'. Record Online.
33. ^Spector, Joseph. 'Monticello Raceway to close its casino operations, but keep racetrack open'. The Poughkeepsie Journal. Retrieved 24 January 2019.

External links[edit]

Resorts World Catskills is a hotel and casino located in Monticello, New York.^[2][3] It opened on February 8, 2018,^[4] and is owned and operated by Empire Resorts.^[5] It was built on the former site of the Concord Hotel.^[6] The property features 65,000 square feet (6,000 m²) of gaming space with 112 table games and over 2,150 slot machines,^[7] and an 18-story hotel tower with 332 suites.^[8]

The property was originally to be named Montreign Resort Casino but announced in April 2017 that it would instead license the Resorts World name from Genting Group, the majority owner of Empire Resorts.^[9][10]

In mid-2018, construction was begun on the Entertainment Village, a building next to the casino containing retail space, restaurants, and 105 hotel rooms.^[11] The project opened in December 2018 as The Alder at Resorts World Catskills.^[11][12]

Empire Resorts Casino Monticello Ny

In August 2019, an SEC filing indicated that Empire Resorts, the casino's parent company, was considering bankruptcy. During the period between the casino's February 2018 opening and June 2019, the company reported $211.5 million in losses. The Times Herald-Record asserted that the losses occurred 'due to gross gaming revenues that lagged 45 percent below company projections in year-one alone, in a Northeast market over-saturated with gambling options'.^[13]

Empire Resorts Casino Monticello New York Albany

References[edit]

1. ^'Resorts World Catskills'. JCJ Architecture. Retrieved 2018-04-12.
2. ^Axelrod, Daniel (February 7, 2018). 'Finally it's here: Sullivan's casino opening Thursday'. Times Herald-Record. Middletown, NY. Retrieved 2018-02-08.
3. ^Axelrod, Daniel. 'Resorts World Catskills cuts 25 percent of slots'. recordonline.com. Retrieved 2019-06-23.
4. ^'Resorts World casino opens in Sullivan County'. Daily Freeman. Kingston, NY. February 8, 2018. Archived from the original on 2018-09-07. Retrieved 2018-02-08.
5. ^'New casino opens in Catskills after decades of waiting'. Times Union. Albany, NY. AP. February 8, 2018. Retrieved 2018-02-08.
6. ^Glenn Blain (February 3, 2018). 'Catskills takes chance opening $900M hotel and casino'. New York Daily News. Retrieved 2018-02-08.
7. ^'Empire Resorts cuts ribbon on latest New York casino'. New York Business Journal. February 8, 2018. Retrieved 2018-02-08.
8. ^Joseph Spector (February 8, 2018). 'Resorts World Catskills: Five things to know about the new casino'. The Journal News. White Plains, NY. Retrieved 2018-02-08.
9. ^Daniel Axelrod (May 18, 2017). 'New casino to be called Resorts World Catskills'. Times Herald-Record. Middletown, NY. Retrieved 2018-02-09.
10. ^'Montreign Resort Casino to be rebranded a Resorts World property' (Press release). Empire Resorts. April 6, 2017 – via EDGAR.
11. ^ ^ab'Entertainment Village under construction at Sullivan County casino site'. Daily Freeman. Kingston, NY. June 18, 2018. Archived from the original on 2018-06-22. Retrieved 2018-06-19.
12. ^Sucato, Sabrina (December 18, 2018). 'This New Resort Hotel Brings Luxury and Comfort to the Catskills'. Hudson Valley Magazine. Retrieved November 6, 2019.
13. ^https://www.recordonline.com/news/20190809/sullivan-casinos-parent-company-considers-bankruptcy

Empire Resorts Catskills

External links[edit]

Empire Resorts Casino Monticello New York State

Coordinates: 41°39′26.9″N74°38′48.8″W / 41.657472°N 74.646889°W