Empire Resorts’ two top executives, president and CEO David Hanlon and chief financial officer Ronald Radcliffe, have resigned.

Empire, owner of Monticello Raceway, now will be run by its new chief restructuring officer, Eric Reehl, and a committee of board of director members, and will move its headquarters from Las Vegas to New York to cut costs.

Empire faces what the recordonline.com calls “massive financial losses and possible bankruptcy if creditors call for payment of its debts later this year.”

(Harness Tracks of America)