sec document
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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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): November 18, 2004
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EMPIRE RESORTS, INC.
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(Exact name of registrant as specified in its charter)
Delaware 001-12522 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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N/A
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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.
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On November 18, 2004, the State of New York and the Cayuga Nation of New
York ("Cayuga Nation") entered into a definitive settlement agreement with
respect to the Cayuga Nation's land title and trespass claims against the State
of New York. This settlement agreement provides for the State of New York and
the Cayuga Nation to enter into a class III gaming compact for the development
of a tribal casino in the Town of Thompson in Sullivan County, New York. Under
the settlement agreement, the gaming compact will permit the operation of slot
machines, but not video lottery terminals. The Cayuga Nation and certain other
Native American tribes were also granted the exclusive right to operate slot
machines in the counties of Bronx, Delaware, Greene, Kings, New York, Orange,
Queens, Richmond, Rockland, Sullivan, Ulster and Westchester. The Cayuga Nation
has agreed to contribute 20% of its slot machine net revenue to the State of New
York during the first four years of operation, with such contribution
subsequently increasing to 25%. The settlement agreement also provides for the
gaming compact to have an initial term of 14 years, with an automatic seven year
renewal, requires the Cayuga Nation to commence gaming operations within 18
months of receiving all requisite state and federal approvals and provides for
the Cayuga Nation and the State of New York to negotiate a tax parity compact
concerning the sale of alcohol, cigarettes, gasoline and other retail products
and services by the Cayuga Nation to non-Native Americans on the gaming
facility's property. The settlement agreement, however, does not become
effective until the enactment of federal and state legislation and tribal
resolutions that formally implement its terms.
This settlement agreement and its provisions are material to Empire
Resorts, Inc., as Empire Resorts, Inc. has been working with the Cayuga Nation
since April 2003, pursuant to an exclusive engagement, to develop and manage a
Native American gaming facility in Sullivan County, New York.
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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.
Dated: November 24, 2004 By: /s/ Scott A. Kaniewski
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Name: Scott A. Kaniewski
Title: Chief Financial Officer
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