On Tuesday, November 4, Empire Resorts, Inc. 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 MRMI and MHHA relating to horse-racing purse payments, the simulcasting of horse races and certain other payments.
A release by Empire Resorts, Inc. states that the MHHA has also executed an exclusive Resolution of Support endorsing the application of Empire’s wholly-owned subsidiary, Montreign Operating Company, LLC, for a New York State Gaming Facility License.
The MHHA Agreement is for an initial term of two years. If Montreign is granted a Gaming Facility License, the MHHA 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 MHHA will also receive 1,000,000 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.
“We are pleased to have concluded this negotiation and we thank the NYSGC for its efforts in mediating a final contract,” Emanuel Pearlman, Empire’s chairman of the board, was quoted as saying via release. “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.”
(With files from Empire Resorts, Inc.)