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I'm a big holder of nyny. Been accumulating since 2005.
NYNY will be moving forward on its Casino project in 2012.
Gov. Coumo is for Casino's will try to change anti NY gaming law.
Finally----GREAT news!!!!!!!!!
Empire Resorts and Entertainment Properties Trust Announce Concord Resort Development Milestone
Empire Resorts, Inc. (NASDAQ-GM: NYNYD) ("Empire") and Entertainment Properties Trust (NYSE:EPR) (“EPR”) today announced that subsidiaries of the companies have finalized terms of an option agreement, whereby Empire’s subsidiary, Monticello Raceway Management, Inc. (”MRMI”) has the right to lease a parcel of land owned by EPR’s subsidiary, EPT Concord, II, LLC (“EPT Concord”) for future development of a new regional destination casino resort, hotel and harness racetrack at the site of the former Concord Resort. MRMI has made a payment in the amount of $750,000 to EPT Concord in consideration for the granting of this option.
The option agreement defines the land parcel to be leased by MRMI and the economic terms of the lease, which the parties expect to execute after site plan approvals are obtained from local authorities and other conditions are met in the summer of 2012. The proposed development is a central component of a comprehensive master plan which is being developed by Hart Howerton as Master Planner for the development. The larger project is expected to include the casino resort, hotel and racetrack, as well as a golf course, specialty lodging, complementary retail, and other entertainment and recreational uses, along with new residential communities.
A Master Development Agreement will be finalized during the first half of 2012.
David Brain, President and CEO of EPR commented, “We are excited to share this news as it demonstrates meaningful progress in Sullivan County and is an important step toward realizing our vision for the Concord Resort.”
Emanuel Pearlman, Chairman of the Board of Directors of Empire and MRMI concluded, “This is an important milestone that brings us closer to the creation of over a thousand well-paying jobs at the Concord Resort property. We are very pleased to be associated with the management team at Entertainment Properties Trust. Our respective companies expect at least a $600 million investment in the initial phase and share a passionate commitment to deliver a comprehensive resort development of which Sullivan County and the State of New York will be proud.”
About Empire Resorts, Inc.
Empire owns and operates, through its subsidiary Monticello Raceway Management, Inc., the Monticello Casino & Raceway, a harness horse racing track and casino located in Monticello, New York and 90 miles from midtown Manhattan. For additional information, please visit www.empireresorts.com.
About Entertainment Properties Trust
Entertainment Properties Trust (NYSE:EPR) is a specialty real estate investment trust (REIT) that invests in properties in select categories which require unique industry knowledge, while offering the potential for stable and attractive returns. Our total investments exceed $2.9 billion and include megaplex movie theatres and adjacent retail, public charter schools, and other destination recreational and specialty investments. We adhere to rigorous underwriting and investing criteria, centered on key industry and property level cash flow criteria. We believe our focused niche approach provides a competitive advantage, and the potential for higher growth and better yields. Further information is available at www.eprkc.com or from Brian Moriarty at 888-EPR-REIT.
Cautionary Statement Regarding Forward Looking Information
Statements in this press release regarding the company’s business that are not historical facts are “forward-looking statements” that may involve material risks and uncertainties. The company wishes to caution readers not to place undue reliance on such forward-looking statements, which statements are made pursuant to the Private Securities Litigation Reform Act of 1995, and as such, speak only as of the date made. For a full discussion of risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in the company’s Annual Report on Form 10-K for the most recently ended fiscal year, as amended, as well as the companies’ Quarterly Report on Form 10-Q for the most recently ended fiscal quarter.
...just for 20 trading days. eom
Yep, but cappelli still has options to buy more @.01 some 15 million more as the the 2008 share agreement. Wonder if he still can buy the 15 million or it's RS to??
...and there it is. :(
They did this mostly because that was cappelli's collactal for buy back. Plus they were steering down the D listing from the exchange
Reverse split ????
So it seems that EPT got the land from cappelli because the state was about to seize it from back taxs and money owed from contractors. Even now if Cappelli could buy it back where is he going to get the money. EPT was cappelli's biggest investor of all his properties.
Weekend December 3-4, 2011
Cappelli blasts Empire Resorts in latest round of race for resort-casino
KIAMESHA LAKE – Louis Cappelli, owner of Concord Kiamesha, LLC, which wants to develop a Mohegan Sun resort-racetrack-racino on the old Concord Hotel property in Kiamesha Lake Friday, leveled a scathing attack on Empire Resorts and one of its partners, Entertainment Property Trust.
That group, along with MSEG LLC Thursday announced another extension of their agreement as they proceed to work out plans to develop the 1,500 acres owned by EPT at the site of the former Concord Resort.
“How sad and pathetic you both are,” Cappelli wrote in an email about Empire Resorts and EPT. "While Sullivan suffers … you do nothing … except extend ‘exclusive agreements’ and sue frivolously to stop others from building.”
Cappelli charged that Empire’s Malaysian investor, Kien Huat Realty, “has no intention of building in Sullivan County… unless and until constitutional gaming is approved in New York… the earliest being January 2014.” Kien Huat, under its Genting division, has the rights to develop video lottery gaming at Aqueduct Raceway.
Cappelli also said that EPT has a restrictive covenant against building a casino on their property and that Concord has the right of first refusal on any and all of the EPT property. “They can’t sell, lease or build anything without offering it first to Concord to buy it.”
Empire Resorts and EPT want to develop a similar facility on their property with the only difference being Empire Resorts would relocate its harness Monticello Raceway operation and racino from its current location. Cappelli’s group is one of three enterprises statewide vying for the last state license to operate a harness track-racino in New York.
http://www.midhudsonnews.com/News/2011/December/03/Cappelli_vs_ER-03Dec11.html
WOW Now that sounds like a money maker!
I have had many people invest their hard earned money in NYNY over the years and many of them have died from old age waiting for the BS dream of a casino in the Catskills ,going on 60 years now.
The only reason I can think of is that they stay on the Nasq. This stock like a roller coaster when news is out. Alot of people including me have made a lot of money from this stock. I'm sure the MM's want it to continue.
Indeed.
(Surprisingly, the pps has held since the possibility was announced.)
Well that's goingto piss off Louis Cappelli and Ken Leu as well as Genting!!! Genting is the biggest share holder and will lose it's % over other big game players
Item 8.01. Other Events.
As previously reported in a Current Report on Form 8-K, dated August 11, 2011, Empire Resorts, Inc. (the “Company”) received a Nasdaq Staff Determination Letter on August 16, 2011 indicating that the Company failed to comply with the minimum bid price requirement for continued listing and that the Company’s common stock was, therefore, subject to delisting from The Nasdaq Global Market. The Company requested a hearing before a Nasdaq Hearings Panel (the “Panel”) to review the Staff Determination, which request stayed the suspension of the Company’s common stock, and such hearing was held on October 6, 2011. The Company informed the Panel that it will ask shareholders to approve a one-for-three reverse stock split in order to regain compliance with the minimum bid price requirement. On October 28, 2011, the Company was informed that the Panel granted the Company’s request to remain listed on The Nasdaq Global Market subject to our ability to evidence on or before December 31, 2011 a closing bid price of $1.00 or more for a minimum of ten prior consecutive trading days.
http://phx.corporate-ir.net/phoenix.zhtml?c=111350&p=irol-sec
Empire Resorts Announces Extension of Exclusivity Agreement with Entertainment Properties Trust and MSEG LLC
Empire Resorts, Inc., (NASDAQ-GM: NYNY) (Empire) today announced the extension of the exclusivity agreement with Entertainment Properties Trust (NYSE: EPR)(EPR) and MSEG LLC for the joint development of the companies’ respective properties located in Sullivan County, New York. Empire owns and operates Monticello Casino and Raceway and EPR is the sole owner of Concord EPT, comprising 1,500 acres located at the site of the former Concord Resort.
The previously announced exclusivity agreement commits the respective parties to work together exclusively for six months to explore development opportunities of both properties through October 11, 2011. In light of the progress made on the joint development plan to date, the parties have agreed to extend the term of exclusivity until November 30, 2011 to allow time to complete the definitive agreements.
About Entertainment Properties Trust
Entertainment Properties Trust (NYSE:EPR) is a specialty real estate investment trust (REIT) that invests in properties in select categories which require unique industry knowledge, while offering the potential for stable and attractive returns. The company’s total assets exceed $2.7 billion and include megaplex movie theatres and adjacent retail, public charter schools and other destination recreational and specialty investments. For more information, please visit www.eprkc.com.
About MSEG LLC
MSEG LLC is a real estate development and management company which concentrates on properties in the sports, entertainment and hospitality industry. MSEG LLC has been selected by the City of Davenport as the developer of the new land based casino in Davenport, Iowa. MSEG LLC is also involved in the ownership and operation of the Lake Erie Crushers in Avon, Ohio. The Crushers are a professional minor league baseball team that plays in the Independent Frontier Baseball League.
About Empire Resorts
Empire Resorts owns and operates the Monticello Casino & Raceway, a harness racing track and casino located in Monticello, New York and 90 miles from midtown Manhattan. For additional information, please visit www.empireresorts.com.
I know for a fact, and it's been released before that Concord were trying to get a gaming license 2 years ago. But after Cappelli lost finance to build the Concord it must have been put on the back burner till funding was found. I bet they now have funding and it's starting the wheels turning again.
Concord is trying to get there own gaming license because Empire Resorts is now tired up with Genting. Genting is trying to mussle in on the NEW YORK gaming and it's buying out every company that may have a shot at getting a gaming license.
Did you read today's news? What does it really mean?
2006, like me I brought in on advice someone close to the project back in Feb 19th 2007. Seen it go up! and Down! Right now it's going side ways until Cappelli and NYNY get the funding. Cappelli does have 4 other projects on the go worth about the same but because of the 2008 meltdown he's battling to find funding and if they don't get the class 3 then he won't build the hotel/casino in the catskills
The only way we will see $10 plus as if class 3 is awared to NYNY and that an't happening tomorrow! but it will happen. There's to many people invested in this with BIG money. It will happen one day. If NYNY and Genting can pull it off they will.
Wow --no movement after the news that came out yesterday?
Been here since 2006---Do you think that we will ever see $10 again?
WOW, I got in this morning @ .89, nice rise today!!
nyny 10 dollar stock!!!!
AND RIGHT U R!http://www.monticellogamingandraceway.com/ CHECK OUT THERE VIDEO FOR JUNE
Hmmmm, I would see NYNY raise back to $1.78 in the coming weeks. Back to where Ken Leu BROUGHT IN with Genting. NYNY has the best chance of getting Class 3. If you want a play, this is one!
COMMERCIAL REAL ESTATEJUNE 15, 2011.Casino Developments Get a Boost
.Article Stock Quotes Comments more in Commercial ».BY A.D. PRUITT
The Obama administration removed a hurdle for Indian tribes wanting to build casinos far from their ancestral land, setting the stage for new development.
Under pressure from many tribes throughout the country, the Interior Department, which runs the Bureau of Indian Affairs, rescinded a Bush-era directive that said tribes could develop casinos off their reservations only if they were within commuting distance. The Bureau will return to a policy that considers off-reservation casinos on a case-by-case basis.
The policy shift is poised to revive numerous plans for off-reservation casino projects, from the Columbia River Gorge in Oregon to the Catskills ...
Hmmmm. I know who you are talking about. The big Mr C Oh did I mention that he got the option to buy x amount of stock this year for $.01 and gets more next year in there NYNY deal. Oh the 1500+ acras, yer kinda owed to much money to contractors!
But the 100 buy thing has been going on and off for the last 3 years. I use to see it some days right after the bell to pump it up. Best of all you would see it at the end of the day and it would pump it up anywhere from 2 to 5 cents before the bell.
Great soap opera going on here.
Someone sell 50,000 + or - a day 100 at a time every few minutes on the bid around 0.56. Doesnt want to call Genting who bot 17+ mil at .888 last week. Commissions got to be an extra .02 a share.
Some one sold about 50.000 shares in about 10 transactions last nite for .0001
Someone got foreclosed on 1500+ acres which were to be a race track and casino with NYNY.
Someone wants to build a competing racetrack and casino across the street. Monticello needs this bad.
Someone should see if their meds are not past the expiration date.
After your post I put a test buy in for 2000 shares @.5598. (the ask at the time) It took 13 fills to get them, of the 13, seven were for 100 shares.. lmao... bbilly
LMAO Ive been watchin that for weeks... just stupid imo.. bbilly
To whomever is that angry person that sells 100 every 2 min. I dont really care, except for the fact that I want to be your broker. Why not just put a match to your money if you have any left.
Why is it down here?
NO class lll casino
Cappelli lost the concord $$$$ to build
Down turn in the economy
NO one wants to invest in a 2 rate race course losing money.
Anyway. Genting brought 60% of Empire at $ 1.68 or there about s. can't remember the exact amount.
It turns out that Genting brought Empire to as a wild card to get into New York casino market. They are invalid with helping the Shinnocoks and are still bidding for the Viaduct in Yonkers.
Mark my words. they had 10 billion in cash and they want to build a casino if not 3 as to the major plan i New York. They will pay people off to get. !!
This is all Public DD
If Genting is going to exercise their rights @.88 as they have stated in the past, what is the stock doing down here?
No problem. Sometimes I foget to explain in-depth because it's been going on for sooooo long!
Ken Lu and C/o is Genting Ken is CEO. They were the ones who backed the others to get built and off the ground
Isnt Genting now the major player here. Your analysis makes no mention. Who needs Mohegen with Genting already here.
thank u for ur solid DD it's very helpful =)
I feel this is going to sit around this mark until 2 things.
Cappelli can get someone to give him the cash to build the concord. ENTERTANTMENT and Trust C/o will back some but the rest will have to come from the banks.
Empire will partner another deal with Cappelli and move its operations to the new site on concord.
That will open the way to push for a class 3. Remember Ken Leu and C/o still own 60% of Empire and paid around $1.68 per share. And they got the Yonkers deal and helping the Shinnacocks. They have there bases covered.
There's a lot of people waiting for this news and when it comes out this thing pops like a sky rocket within minutes of news released. This has happened in the past PR drops it jumps fast.
So, not telling you what to do! But this is a wait and see approach. It could sit here for months or if Cappelli gets the $$$ away she blows.
Over the years I've made good money flipping this stock. It's not a long stock to keep.
good luck in your investments
so potential upside for this one?
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WEBSITE: http://www.empireresorts.com
Empire operates the Monticello Raceway and is involved in the development of other legal gaming venues. Empire opened Mighty M Gaming at the Raceway site on June 30, 2004. This facility features over 1,500 video gaming machines (VGMs) and amenities such as a 350-seat buffet and live entertainment. Empire is also working to develop a "Class III" Native American casino for the St. Regis Mohawk Tribe on a site adjacent to the Raceway and other gaming and non-gaming resort projects in the Catskills region and other areas. Empire is pursuing the development of a Native American casino resort in the Catskills. The company is working with both the St. Regis Mohawks and the Cayuga Nation, along with the State of New York , in this exciting endeavor. Once approved by the appropriate authorities, Empire will construct and manage one or more Class III Native American casinos. The first resort, with the St. Regis Mohawks, is expected to be developed on approximately 30 acres of land adjacent to the Monticello Raceway, to be held by the United States Government “in trust,” subject to obtaining necessary federal and state approvals.
Shares Outstanding - 30,524,381 as of May 8, 2008
RECENT DEVELOPMENTS
06/25/2008 - New York State Legislature Approves Development of $1 Billion New Concord Resort Destination
http://phx.corporate-ir.net/phoenix.zhtml?c=111350&p=irol-newsArticle&ID=1169304&highlight=
04/02/2008 - Empire Resorts to Issue 4.2 Million Shares in Stock Purchase Agreement
http://phx.corporate-ir.net/phoenix.zhtml?c=111350&p=irol-newsArticle&ID=1124972&highlight=
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