Empire Inc., operator of Monticello Raceway, announced on Wednesday, August 19 that it has sold a $55 million minority stake in its company to a Malaysian realty company

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The transaction will allow Empire to focus on the development of the 230-acre Monticello Casino & Raceway facility. The project, which is scheduled to open next year, includes a convention centre, hotel, retail stores and restaurants.

For more on the transaction, click here to read a Dow Jones Newswire item on The Wall Street Journal website.