sec document
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) October 5, 2004
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EMPIRE RESORTS, INC.
(Exact name of registrant as specified in charter)
Delaware 1-12522 13-3714474
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
C/o Monticello Raceway, Route 17B, Monticello, NY 12701
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (845) 794-4100
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
|_| Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 8.01. OTHER EVENTS
On June 10, 2004, Empire Resorts Inc. (the "Company") issued a press
release announcing that the Cayuga Nation of New York (the "Cayuga Nation") and
the State of New York entered into a Memorandum of Understanding (the "MOU")
pursuant to which, among other things, the parties agreed that to help settle
the Cayuga Nation's outstanding land claim against the State of New York, the
State of New York would enter into a gaming compact with the Cayuga Nation
authorizing the Cayuga Nation to operate a Class III gaming facility at
Monticello Raceway following receipt of all requisite state and federal
approvals. The Memorandum of Understanding set a target date of September 30,
2004 for the implementation of all such necessary approvals. The September 30,
2004 target date under the MOU, however, has expired without the implementation
of the necessary approvals.
On April 3, 2003, the Company and the Cayuga Nation, along with certain
other related parties, entered into a letter agreement pursuant to which the
Cayuga Nation agreed to seek these necessary state and federal approvals to
operate a Class III gaming facility at Monticello Raceway and the Company agreed
to provide certain assistance in connection with these approvals.. The Company
has recently been advised by representatives of the Cayuga Nation that they
expect the Company to continue to pursue the objectives of the letter agreement
and the Company has been informed of some continuing contact between the Cayuga
Nation and the State of New York. However, to the knowledge of the Company,
there are continuing differences between the parties in their efforts to proceed
under the MOU. Moreover, the most recent active proposals under consideration
vary in material respects from the framework outlined in the MOU. Unless the
differences between the parties are resolved expeditiously, it is unlikely that
the approvals contemplated by the MOU will be achieved prior to the expiration
of the letter agreement on December 31, 2004.
At such time, the Cayuga Nation and the Company will be free to either
renew or modify the current agreement or to seek other partners. The Company has
been and intends to continue to explore future development opportunities,
including both gaming and non-gaming resort development. These alternatives
include the development of Class III gaming facilities both within and outside
the State of New York, including discussions with persons owning or controlling
other locations within and outside Sullivan County. The Company's existing
letter agreement with the Cayuga Nation contains broad language that restricts
the ability of the parties to hold certain discussions pertaining to development
of another Class III gaming facility within Sullivan County until after December
31, 2004. The Company intends to respect the purposes and intent under the
letter agreement, but deems it prudent to be active in exploring its strategic
alternatives at this time.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
EMPIRE RESORTS, INC.
(Registrant)
Date: October 5, 2004
By: /s/ Scott A. Kaniewski
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Scott A. Kaniewski
Chief Financial Officer