Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
my theory. Jared really hurt this stock by not putting details in his PR's. He has to realize this is a penny stock and the bashers come with the territory. This will continue to go down, and down and down some more until Jared can prove he really did get a buyout offer. Until then, this stock will trend down for the next 2 to 3 weeks really bad, without a bounce. UNLESS NEWS IS ANNOUNCED
HOWEVER, till then, you cant blame the people selling. Because tomorrow it will 0.004, then 0.002, then God Only Knows
Good Luck and God Bless.
hahaah ummm no....an email blast doesnt do this justice. it went up because the value of this company is unlike no other in BK. I mean if you do the numbers, this company could easily get 25$ per share if they wanted to. They just want an extension on their 7 year loan. That easy. They went into chapter 11 on their own for own purposes.
read the presentation by bill ackman over the weekend. The amount of people buying this stock tomorrow will send this over $5- in the next few days.
just hold on for the ride. This wont stop rising until $10 - where it will settle down until they are out of BK. But now at $2, this is a buy of a lifetime!
http://investmentlinebacker.blogspot.com/2009/05/long-ggp-bill-ackmans-ira-sohn.html
thats why this will be $10 by end of June. I am not joking, this is a buy of a lifetime!
you guys read the news that came out tonight? GGP didnt have to file chapter 11, did it for leverage. I expect this to be $4++++ next week
wow, i was so close to buying more shares today, wish i did now!
I GUARANTEE THIS STOCK WILL BE OVER $4 BY WEDNESDAY
TOO MUCH FOR THIS COMPANY TO LOSE TO NOT TAKE ADVANTAGE OF THIS VOLUME AND THE SWINE FLU
THIS WILL FLY PAST $4 BY WEDNESDAY
SO MAKE SURE YOU ARE LOADED VERY DEEP WITH THIS ONE
I WILL BE GOING IN FOR 25,000 SHARES AT TOMORROW'S OPEN
JUST WISH I BOUGHT FRIDAY
BUT AFTER THE DD THIS WEEKEND, I AM CONFIDENT THIS WILL RUN HARD IN THE COMING DAYS
i stop taking pills
but i will gladly smoke some green to calm me down :)
why isnt this at 0.05 now at least? can someone explain this to me? sorry, im learning
thanks buddy
Star Towers, Inc - do they have a website?
this wont run until people know the buyout price. simple. I own shares, but i am willing to wait to find out
isnt this good news?
i truly expect this to be $10 within 3 months now
why is this trading like this today? mm's are a scam!
When you have a match and dry kinder you get a fire. If you add gasoline, you get a raging fire, sometimes called a bonfire, a blaze, a wildfire, forest fire, etc.
There are two ingredients necessary in stock market lingo. The first (match) is a “change in fundamentals”. The second is your friend in times like these (large short position) which supplies the gasoline.
You can go to the FASB web site here: http://www.fasb.org/action/sbd031609.sht...
The match is “mark to market accounting” or “fair value measurement” as FASB calls it. The 15 day public comment period ends 4/1/09. FASB has stated that they want this change “in time for Q1 reporting”. This means every bank who has written down their mortgage assets, etc. to ridiculous levels (based on the old rules) will report “very nice” upside Q1 reports. For ABK and MBI this is a gold mine as the “write ups” will be significant. How so? Here’s the info from the Q4 report.
all amounts per share) National MBIA Corp. ALM Corporate Total
Book Value $10.97 $5.16 ($10.53) ($0.82) $4.78
Adjusted Book Value* $17.99 $26.13 ($3.26) ($0.80) $40.06
This means when MBI reports Q1 later this spring, there will be a narrowing of the GAAP book value of $4.78 and adjusted book value of $40.06. Whether the new GAAP book value is $10, $15, etc. I don’t know. The point is analysts (for the time being) are projecting a $.76 net loss. The actual report should show a positive $2-$6 EPS (yes-that’s right). What do you think MBI will be trading at then?
What’s the gasoline to the above fire? As of 2/24, there are 30MM shares short. Ouch.
Enough said.
THIS WILL BREAK $1 BY FRIDAY
WATCH AND LEARN PEOPLE
UP ALMOST 50%!!!!!
here is a post i found on yahoo:
stock symbol is "NYNY"
company is Empire Resorts:
this is a gaming company that went down 50+ % today on news that they might not get finance done for their monticello project. But I can guarantee you that is a ploy for Cappelli to get electronic table games.
trust me Cappelli will have no problem finding $$$ that will change the catskills. He wants electronic table games
stock is currently at .40
i am telling you right now, buy all you can of this company
it was way oversold today, and probably will bounce a good 25-35% tomorrow alone just on the chart
but in reality, Cappelli knows what he is doing
even if you don't want to risk a lot on this stock, take $10,000 and buy 25,000 shares
they will be trading at $2+ in less than 30 days
NICE START UP 15% ALREADY!!!!!
welcome to the NYNY forum buddy!
The plans include a world-class gaming and entertainment facility to be developed at the site. The centerpiece of the project is the $1 billion "Entertainment City," which is expected to include a 100,000-square-foot gaming area, convention center, hotel, golf, retail stores, restaurants and various family entertainment activities. The 1.5 million-square-foot facility has already received required zoning and final site plan approvals. The gaming floor will be built within the hotel, adjacent to a new 5/8th mile state-of-the-art harness track pending regulatory approval.
Upon approval and completion of construction, the company expects to more than double Empire's current contribution to approximately $38 million per year, which goes to fund education.
The plan has earned praise from local, state, federal and union officials.
this is the news that came out friday night after the market closedthat caused the drop to .40 today
What do you guys think?
I personally think NYNY is a buy of a lifetime
Form 10-K for EMPIRE RESORTS INC
13-Mar-2009
Annual Report
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.
The following discussion of our financial condition and results of operations should be read in conjunction with the consolidated Financial Statements and Notes thereto appearing elsewhere in this document.
Liquidity
Our credit facility with Bank of Scotland matures on May 29, 2009. In addition, the holders of our senior secured convertible notes are entitled to demand repayment of the notes on July 31, 2009. We will not have sufficient financial resources to repay our credit facility and may be unable to arrange financing when the credit facility matures or to pay the purchase price for any of such notes if they are tendered by the holders in connection with any such repurchase.
Going Concern
The accompanying consolidated financial statements have been prepared on a basis that contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The Company's ability to continue as a going concern is dependent upon our ability to negotiate a renewal or extension of the maturity dates or to arrange financing with other sources to repay our credit facility with the Bank of Scotland when it matures on May 29, 2009 and the holders of the Senior Convertible Notes if they demand repayment of the notes on July 31, 2009. Although we continue to pursue these plans, there is no assurance that we will be successful in obtaining financing. These factors, as well as continuing net losses and negative cash flows from operating activities as well as an uncertain economic environment, raise substantial doubt about our ability to continue as a going concern. These consolidated financial statements do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary should the Company be unable to continue as a going concern. These circumstances caused our independent registered public accounting firm to include an explanatory paragraph in their report dated March 13, 2009 regarding their concerns about our ability to continue as a going concern. Substantial doubt about our ability to continue as a going concern may create negative reactions to the price of the common shares of our stock and we may have a more difficult time obtaining financing.
Overview
We were organized in 1993 as a holding company for entities engaged primarily in the hospitality and gaming industries. For much of our history, we concentrated on riverboat casinos in the southern United States, with nominal holdings in the mid-Atlantic states. In 2002 this focus shifted, as we commenced the liquidation of all of our holdings outside the Catskills region of the State of New York, and by the end of 2003 we had no direct operations or meaningful assets other than a minority interest in Catskill Development, L.L.C., the owner of approximately 232 acres of land in Monticello, New York, the sole stockholder of Monticello Raceway Management and the controlling member of Monticello Casino Management. Consequently, Empire had no operating revenue during the fiscal year ended December 31, 2003.
On October 31, 2001, the State of New York enacted a bill designating seven racetracks, including Monticello Gaming and Raceway, to install and operate VGMs. Under the program, the New York State Lottery made an initial allocation of 1,800 VGMs to Monticello Gaming and Raceway. Construction contracts for these facilities were signed and work on the necessary improvements began in February 2004. On June 30, 2004, we began operating 1,744 VGMs on 45,000 square feet of floor space at Monticello Gaming and Raceway after completing approximately $27 million of renovations to the facility.
In January 2004, we acquired from the members of both Catskill Development, L.L.C. and Monticello Raceway Development all of the outstanding membership interests and capital stock of Monticello Raceway Management, Monticello Casino Management, Monticello Raceway Development and Mohawk Management, LLC ("Mohawk Management") in exchange for 80.25% of our common stock, calculated on a post-consolidation, fully diluted basis. Monticello Raceway Management, Monticello Casino Management, Monticello Raceway Development and Mohawk Management own all of the development and management rights with respect to an Indian Class III casino to be developed in Monticello, New York. As we had no significant operations during the time of this acquisition and the members of Catskill Development, L.L.C. and Monticello Raceway Development, collectively, received a controlling interest in us as part of this acquisition, the acquisition was accounted for as a reverse merger.
INDEX
During 2004, we undertook improvements to Monticello Gaming and Raceway and commenced the VGM operations under the auspices of the New York State Lottery. We also pursued continuing efforts to develop an Indian Class III casino resort on a parcel of land adjacent to Monticello Gaming and Raceway.
On August 1, 2005, we entered into a letter agreement with the St. Regis Mohawk Tribe, a federally recognized Indian tribe, to develop a Class III Indian casino on the 29.31 acres of land adjacent to Monticello Gaming and Raceway. Under this agreement, we were obligated to supply technical and financial assistance to the St. Regis Mohawk Tribe in exchange for the right to serve as the tribe's exclusive partner in the development, construction, financing, operation and management of such Class III casino. This agreement expired pursuant to its terms on December 31, 2007.
On July 18, 2008, our subsidiaries, Monticello Raceway Management, Monticello Raceway Development and Monticello Casino Management entered into a settlement agreement with the St. Regis Mohawk Gaming Authority and the St. Regis Mohawk Tribe pursuant to which the parties agreed to release all claims against the other parties. The settlement was amended on October 9, 2008 to eliminate any remaining unfulfilled conditions and included our agreement to reimburse the St. Regis Mohawk Tribe approximately $444,000 for expenses incurred by them in connection with the project.
We have an agreement, subject to certain conditions, with Concord to form a joint venture to develop the Entertainment City Project, which will include a hotel, convention center, gaming facility and harness horseracing track on 160 acres of land located in Kiamesha Lake, New York. For a variety of factors, including recent conditions in the financial markets, certain contingencies for the implementation of this agreement have not been able to be achieved, and we have been exploring a number of different modifications and strategic alternatives with Concord, which could substantially affect the structure and scope of the venture. Pursuant to an amendment entered into on January 30, 2009, the Contribution Agreement became terminable by either party on February 28, 2009, subject to extensions under certain conditions, but has not been terminated at the date of this filing. However, it is not expected that the conditions to the closing of the transaction will be satisfied without significant modifications, and no assurances can be given that the parties will be able to find mutually satisfactory alternatives that would enable the consummation of a new agreement.
Much of our ability to develop a successful business is now dependent on the success or failure of our ability to develop our interests in the Catskills region of the State of New York, and our financial results in the future will be based on different activities than those from our prior fiscal years.
Off-Balance Sheet Arrangements
On January 12, 2004, in order to better focus on the implementation of the New York State Lottery's VGM program and the development of other gaming operations at Monticello Gaming and Raceway, all claims relating to certain litigation against parties alleged to have interfered with Catskill Development, L.L.C.'s relations with the St. Regis Mohawk Tribe, along with the rights to any proceeds from any judgment or settlement that may arise from such litigation, were transferred to a grantor trust (the "Litigation Trust") in which our common stockholders of record immediately before the consolidation's closing were provided a 19.75% interest, with the members of Catskill Development, L.L.C. and Monticello Raceway Development immediately before the consolidation's closing owning the remaining 80.25%. We separately entered into an agreement with the grantor trust pursuant to which we agreed to provide the Litigation Trust with a $2.5 million line of credit to finance the litigation.
As of December 31, 2007, we had provided $2.5 million to the Litigation Trust. We had also recorded a valuation reserve for the full amount of the credit provided. On October 21, 2008, we were advised that a decision rendered in the case that involved the Litigation Trust was adverse to the position of the Litigation Trust. As a result, it appears very unlikely that we will recover any of the amounts advanced to the Litigation Trust and have written off the receivable at December 31, 2008.
INDEX
Critical Accounting Policies
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and judgments related to the application of certain accounting policies.
While we base our estimates on historical experience, current information and other factors deemed relevant, actual results could differ from those estimates. We consider accounting estimates to be critical to our reported financial results if (i) the accounting estimate requires us to make assumptions about matters that are uncertain and (ii) different estimates that we reasonably could have used for the accounting estimate in the current period, or changes in the accounting estimate that are reasonably likely to occur from period to period, would have a material impact on our financial statements.
We consider our policies for revenue recognition to be critical due to the continuously evolving standards and industry practice related to revenue recognition, changes which could materially impact the way we report revenues. Accounting polices related to: point loyalty program, accounts receivable, deferred development costs, impairment of long-lived assets, stock-based compensation and fair value are also considered to be critical as these policies involve considerable subjective judgment and estimation by management. Critical accounting policies, and our procedures related to these policies, are described in detail below.
Revenue and expense recognition. Revenues represent (i) revenues from pari-mutuel wagering earned from live harness racing and simulcast signals from other tracks, (ii) the net win from VGMs and (iii) food and beverage sales, net of promotional allowances, and other miscellaneous income. We recognize revenues from pari-mutuel wagering earned from live harness racing and simulcast signals from other tracks, before deductions of such related expenses as purses, stakes and awards. Some elements of the racing revenues from Off-track Betting Corporations ("OTBs") are recognized as collected. Revenue from the VGM operations is the difference between the amount wagered by bettors and the amount paid out to bettors and is referred to as the net win. The net win is included in the amount recorded in our consolidated financial statements as gaming revenue. We report incentives related to VGM play and points earned in loyalty programs as a reduction of gaming revenue. Operating costs include (i) the amounts paid to the New York State Lottery for the State's share of the net win, (ii) amounts due to the Horsemen and Breeders' for their share of the net win and (iii) amounts paid for harness racing purses, stakes and awards. Also included in operating costs are the costs associated with the sale of food, beverages and other miscellaneous items and the marketing allowance from the New York State Lottery.
We currently have a point loyalty program ("Player's Club") for our VGM customers which allows them to earn points based on the volume of their VGM activity. The estimated redemption value of points earned by customers is recorded as an expense in the period the points are earned. We estimate the amount of points which will be redeemed and record the estimated redemption value of those points as a reduction from revenue in promotional allowances. The factors included in this estimation process include an overall redemption rate, the cost of awards to be offered and the mix of cash, goods and services for which the points will be redeemed. We use historical data to estimate these amounts.
Accounts Receivable. Accounts receivable are stated at the amount we expect to collect. If needed, an allowance for doubtful accounts is recorded based on information on specific accounts. Accounts are considered past due or delinquent based on contractual terms and how recently payments have been received. In the normal course of business, we settle wagers for other racetracks and are potentially exposed to credit risk. We have not experienced significant losses regarding the settlement of wagers. These wagers are included in accounts receivable. Account balances are written off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.
Deferred Development Costs. Deferred development costs are recorded at cost. In connection with our development activities, we have made advances to tribes for development assistance and to facilitate the establishment and initial operations of tribal gaming authorities. We have also incurred costs associated with development activities, including salaries of employees engaged in those activities that were capitalized as deferred development costs. We have provided technical assistance, engaged and paid attorneys and consultants and provided other support for our Indian partners in matters relating to land claims against the State of New York and agreements for development and operation of the proposed Class III casino developments. We periodically review deferred development costs for impairment as further described below. As of December 31, 2007, all deferred development costs were impaired and written off. During 2008, we did not incur any expenses which were treated as deferred development costs.
INDEX
Impairment of Long-Lived Assets. We periodically review the carrying value of our long-lived assets in relation to historical results, as well as management's best estimate of future trends, events and overall business climate. If such reviews indicate an issue as to whether the carrying value of such assets may not be recoverable, we will then estimate the future cash flows generated by such assets (undiscounted and without interest charges). If such future cash flows are insufficient to recover the carrying amount of the assets, then impairment is triggered and the carrying value of any impaired assets would then be reduced to fair value. At December 31, 2008, our impairment review did not result in a provision for impairment of our long-lived assets.
Stock-Based Compensation. Effective January 1, 2006, we adopted the fair value recognition provisions of Statement of Financial Accounting Standards ("SFAS") No. 123 (revised 2004), "Share Based Payment"("SFAS No. 123(R)") using the modified-prospective method. We had adopted the fair value approach contained in SFAS No. 123 effective January 1, 2003 and we have consistently used the Black-Scholes-Merton formula to estimate the fair value of stock options granted in the periods since that time. As of December 31, 2008, there was approximately $358,000 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under our plans. That cost is expected to be recognized over a period of 2 years. This expected cost does not include the impact of any future stock-based compensation awards.
Fair Value. In the first quarter of 2008, we adopted SFAS No. 157, "Fair Value Measurements," for financial assets and liabilities. We elected the deferral option available for one year for non-financial assets and liabilities. This standard defines fair value, provides guidance for measuring fair value and requires certain disclosures. This standard does not require any new fair value measurements, but discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost).
As permitted, we chose not to elect the fair value option as prescribed by FASB SFAS No. 159, The Fair Value Option For Financial Assets and Financial Liabilities-Including an Amendment of FASB Statement No. 115, for our financial assets and liabilities that had not been previously carried at fair value. If we had adopted FASB SFAS No. 159 in 2008 there would be no significant difference in our consolidated financial statements.
Our financial instruments are comprised of current assets and current liabilities, which include a revolving credit facility and senior convertible notes at December 31, 2008. Current assets and current liabilities approximate fair value due to their short term nature.
Income Taxes. We apply the asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates for the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. A hypothetical 10% decrease in our deferred tax valuation allowance will result in an income tax benefit of approximately $6.7 million.
Results of Operations
Year Ended December 31, 2008 Compared to Year Ended December 31, 2007
Revenues. Total net revenues decreased approximately $8.4 million or 11% for the year ended December 31, 2008. VGM operations accounted for approximately $6.2 million (or a 10% decrease from 2007) of that reduction and racing accounted for approximately $1.8 million (or a 22% decrease). The remainder of the decrease was attributable to food, beverage and other revenues decreasing by approximately $618,000 (or 11%) offset by decreased complimentary expenses ("promotional allowances") of approximately $184,000 (or 7%).
INDEX
We believe that the decrease in VGM revenues can be attributed primarily to more competition from VGM facilities at Yonkers Raceway (opened November, 2006) and new casinos opening in Pennsylvania in 2007. It is likely that the economic conditions in the fourth quarter of 2008 also had an adverse effect on revenues. Patron visits decreased by 19.6% and the average daily win per unit was reduced from $110.68 to $100.04 (or 10%). The average number of machines in operation was 1,587 in both years. The decrease in promotional allowances is primarily a result of reduced revenues.
The decrease in racing revenue was primarily a result of reduced revenue allocations from OTB facilities. Yonkers Raceway was operating for the full year 2008 with a new VGM facility and other improvements. Because a part of the OTB revenue sharing arrangements is based upon the revenues of each participant relative to the total revenues of all participants, our share is adversely affected by strong competition from other participants.
Gaming costs. Gaming (VGM) costs decreased by approximately $9.6 million (or 17%) to approximately $46.7 million for 2008 compared with 2007. Of this amount, approximately $3.4 million (or 6%) is attributable to a change in the law which allows VGM operators to pay a lower percentage of VGM revenues to the New York State Lottery. The remainder of the decrease of approximately $6.2 million (or 11%) reflects cost reductions to adjust to lower levels of customer visits.
Racing costs. Racing costs increased in 2008 by approximately $510,000 (or 7%) to approximately $7.5 million. The primary reason for this increase was the cost of a settlement reached with our Horsemen of $1.25 million. Purses and other racing expenses decreased by approximately $740,000 (or 11%). This percentage decrease is less than the percentage decrease in racing revenues because not all of our operating expenses will vary directly with revenue changes.
Food, beverage and other costs. These costs decreased by approximately $357,000 (or 15%) to approximately $2.0 million for 2008 compared with 2007. The percentage reduction was greater that the reduction in revenues primarily as a result of expense reduction initiatives undertaken in 2008.
Selling, General and Administrative expenses. Selling, general and administrative expenses decreased approximately $556,000 (or 4%) in 2008 to approximately $14.4 million. The decrease is comprised of a reduction in stock-based compensation of approximately $2.2 million, a decrease in other compensation of approximately $176,000, an increase in marketing costs of approximately $216,000 and an increase in professional fees and other expenses related to development activities of approximately $1,642,000.
Interest expense. Interest expense was approximately $5.7 million and $5.9 million, respectively, for the years 2008 and 2007. The interest rates charged on our credit facility are based upon market rates and were lower in 2008 than those charged in 2007.
Year Ended December 31, 2007 Compared to Year Ended December 31, 2006
Revenues. Total net revenues decreased approximately $22.2 million or 23% for the year ended December 31, 2007. VGM operations accounted for approximately $12.2 million (or a 16% decrease from 2006) of that reduction and racing accounted for approximately $9.7 million (or a 54% decrease). The remainder of the decrease was attributable to food, beverage and other revenues decreasing by approximately $773,000 (or 12%) offset by reduced complimentary expenses of approximately $534,000 (or 17%).
We believe that the decrease in VGM revenues can be attributed primarily to more competition from VGM facilities at Yonkers Raceway (opened November, 2006) and new casinos opening in Pennsylvania in 2007. Patron visits decreased by 20.6% and the average daily win per unit was reduced from $132.63 to $110.19 (or 17%). The average number of machines in operation was 1,587 in 2007 and 1,580 in 2006. The decrease in complimentary expenses is primarily a result of reduced volume of play.
The decrease in racing revenue was primarily a result of reduced revenue allocations from OTB facilities. Yonkers Raceway, which normally shares in those revenues with us, was not in operation for the last 6 months of 2005 and for eleven months in 2006. When that facility reopened in November with a new VGM facility and other improvements, the normal sharing arrangement went back into effect and our share of revenue allocations dropped significantly. As a result of the November 2007 OTB Appellate Decision, which determined that OTBs were no longer responsible to pay us one type of their revenue that had previously been paid, our revenues for the fourth quarter of 2007 were reduced by approximately $350,000.
INDEX
Gaming costs. Gaming (VGM) costs decreased by approximately $8.2 million (or 13%) to approximately $56.3 million for 2007 compared with 2006. This percentage decrease is less than the percentage decrease in VGM revenues because not all of our operating expenses vary directly with revenue changes.
Racing costs. Racing costs decreased in 2007 by approximately $4.9 million (or 41%) to approximately $7.0 million. This percentage decrease is less than the percentage decrease in racing revenues because not all of our operating expenses will vary directly with revenue changes.
Food, beverage and other costs. These costs decreased by approximately $261,000 (or 10%) to approximately $2.4 million for 2007 compared with 2006. Revenues in this category decreased 12%.
Selling, General and Administrative expenses. Selling, general and administrative expenses decreased approximately $3.2 million (or 18%) in 2007 to approximately $15.0 million. The decrease is comprised of a reduction in stock-based compensation of approximately $4.0 million, an increase in other compensation of approximately $266,000, a decrease in marketing costs of approximately $484,000 and an increase in other expenses of approximately $1,012,000. The stock-based compensation in 2006 included approximately $3.5 million for the expense, on December 28, 2006, of extending the expiration date for one year on options to purchase 2.5 million shares of our common stock at $7.50 per share. The options to purchase those shares were exercised and we received $18,750,000 as proceeds from the exercise in January 2007.
Impairment loss - Deferred development costs. On January 4, 2008, the BIA announced the denial of the land to trust application from the St. Regis Mohawk Tribe for the site on which our joint efforts had been focused. In light of that decision, we determined that the carrying value of our deferred development costs was likely not recoverable and recorded an impairment loss of approximately $12.8 million as of December 31, 2007.
Interest expense. Interest expense was approximately $5.9 million and $6.0 million, respectively, for the years 2007 and 2006.
Liquidity and Capital Resources
Our credit facility with the Bank of Scotland requires repayment of approximately $7,150,000 (outstanding balance of $7,617,000 less restricted cash on deposit of $467,000) on May 29, 2009. The holders of our Senior Convertible Notes ($65,000,000 principal balance due) have the right to demand repayment of the principal amount due on July 31, 2009. We do not presently have a source of repayment for this credit facility or for these notes and our operations will not provide sufficient cash flow to repay these obligations.
If we fail to repay the Bank of Scotland credit facility when it is due, it will result in an event of default under such credit agreement. Any failure to repurchase the notes when required will result in an event of default under the indenture and could result in a cross-default under any other credit agreement to which we may be a party at such time. In addition, the events that constitute a change in control under the indenture may also be events of default under any credit agreement or other agreement governing future debt. These events permit the lenders under such credit agreement or other agreement to accelerate the debt outstanding thereunder and, if such debt is not paid, to enforce security interests in the collateral securing such debt or result in our becoming involved in an insolvency proceeding.
Net cash used in operating activities during the year ended December 31, 2008 was approximately $10.5 million compared to approximately $7.4 million in 2007. The increase in cash used of approximately $3.1 million is primarily the result of the following items:
- losses from operations, excluding impairment loss, stock-based compensation and valuation reserve for advances to Litigation Trust, increased from approximately $7.5 million in 2007 to approximately $9.5 million in 2008; and
If you know people from the YAHOO board (which is filled with SPAM) invite them here, so they can discuss Empire Resorts without those annoying Spam Posts!
I just wanted to let everyone know i will be the moderator for this board, so we can all try to make some money on NYNY without the extra hassles
If you want to help out, send me an PM
i'll go on RECORD right now, NYNY will be over $1.50 within 30 days
and over $3 within 90 days
have faith in CAPELLI
okay just watch
but they wont go BK
too much time and effort has been put into this
they will get a deal, and that isnt even a problem for them
current operation is nothing compared to what they will have
and what it will do for the state of NY and how it will effect real estate for the catskills
trust me, they will not let this operation fail
no matter what
trust me, this is a big operation for the catskills and the state of NY
they wont let it fail
damn those prices look so nice
and all i could get is only 500 shares lol
but i wired money today so i can buy away tomorrow
i just hope it doesnt creep back up too fast
BUY ALL YOU CAN, THIS WILL REBOUND OVER $1 IN THE NEXT WEEK!
NO OFFICIAL NEWS CAME OUT, THEY WILL GET THE MONEY THEY NEED
THEY WILL NOT WASTE WHAT THEY ALREADY GOT!
BUY ALL YOU CAN OF THIS STOCK!!!!!
I JUST WISH I HAD MONEY AVAILABLE TO BUY AT THESE LVELS TODAY
.02 open
get ready for a 100% day tomorrow guys
the prospect of news is sometimes better than news
this will run hard tomorrow
thanks power forward. Your like the handicapper who always losses, and i just keep fading your picks, and keep cashing! Keep them coming buddy!
you are my friend are a JINX
anything that has to do with Korea is good. I just bought 25,000 shares at 0.017 and i dont know 1 thing about this company
All i know is Korea is beautiful
trust me hold on to your shares. this will be $20 in 2 years. I promise you, but and walk away and come back in 2 years
you will be rich
dont be suprise to see this trading in the pennies soon
GET IN NOW, OR AT 0.0035 MONDAY...YOUR CHOICE!!!
mm's desperate for shares! hold on fellas!
heres the push to over 0.003
will open at 0.003 or higher
book it!