Empire Resorts, Inc. Tuesday announced that its wholly-owned subsidiary, Monticello Raceway Management Inc. and the Monticello Harness Horsemen’s Association have entered into an agreement that governs the conduct of the raceway and association relating to horseracing purse payments, the simulcasting of horse races and certain other payments.
The Horsemen’s Association has also given their exclusive support endorsing the application of Empire’s Montreign Operating Company, LLC for a New York State gaming facility license.
The one, and possibly two, projects in the Sullivan, Ulster and Orange County area to be chosen are expected to be announced in the coming weeks.
The Monticello Harness Horsemen’s Association agreement is for an initial period of two years. If Montreign is granted a gaming facility license, the association agreement will be extended for an additional seven years beginning on the date that the New York State Gaming Commission approves Montreign to engage in legalized gaming.
On the same date, the Horsemen’s Association will receive one million shares of Empire common stock and a warrant to purchase 300,000 shares of common stock, the proceeds of any sales of which will provide additional monies for the harness horsemen’s purse account.
Emanuel Pearlman, Empire’s Chairman of the Board said they are “pleased to have concluded this negotiation and we thank the NYSGC for its efforts in mediating a final contract. We have been operating harness racing in the Catskills since 1958. It is a part of our history and today’s announcement confirms our support for this legacy.”