sec document
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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): March 31, 2005
--------------
EMPIRE RESORTS, INC.
--------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 001-12522 13-3714474
--------------------------------------------------------------------------------
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
c/o Monticello Raceway, Route 17B, Monticello, NY 12701
--------------------------------------------------------------------------------
(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code: (845) 794-4100
--------------
N/A
--------------------------------------------------------------------------------
(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 March 31, 2005, the New York State Senate passed by a vote of 56-5
Senate Bill S 3671 and the New York State Assembly passed by a vote of 127-12
Assembly Bill A-6845. A portion of this legislation pertains to video lottery
gaming, a copy of which is attached hereto as EXHIBIT 99.01 and incorporated
herein by reference.
These bills, which contain identical terms, are part of the omnibus revenue
bills necessary in order to enact a budget for New York State's 2005 fiscal
year. Part CC of each of these bills modifies existing New York law governing
video lottery gaming by, among other things, establishing a vendor's marketing
allowance for racetracks operating video lottery programs which is greater than
that provided under existing New York law and by eliminating the provisions of
the current law which require that certain proceeds from video lottery gaming be
reinvested in the racing industry. The latter provision was deemed
unconstitutional by the New York State Supreme Court, Appellate Division, in a
case which has been appealed to the New York State Court of Appeals.
The budget legislation will now be forwarded to Governor George Pataki for
his approval. The Governor has ten days from his receipt of the legislation to
accept or reject it. If he fails to reject it within that time period, it is
deemed approved and becomes law. The Governor also has the right to veto
specific provisions of the bill and is not required to veto the legislation in
its entirety.
The foregoing summary does not purport to be complete and is subject to and
qualified in its entirety by reference to the actual text of such legislation.
Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS
---------------------------------
(c) Exhibits.
99.01 Video lottery gaming legislation.
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: March 31, 2005 By: /s/ Robert A. Berman
-----------------------------------
Name: Robert A. Berman
Title: Chief Executive Officer