According to a report by the Times Herald-Leader, Empire Resorts, owner of Monticello Raceway, has stated
in its annual report to the Securities and Exchange Commission that it may not survive the upcoming summer.
The article states that Empire reported operating losses of $9.5 million in 2008, and that on May 29 Empire is required to pay an outstanding balance of about $7,150,000 from the Bank of Scotland.
“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,” the company wrote.
“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.”
To read the article in its entirety, click here.
(With files from the Times Herald-Leader)