CEO Exit Clause Hurts Bottom Line

In its second quarter report, Empire Resorts reported steady gains in terms of revenue and the number of patrons it attracted, but the owner of Monticello Raceway posted seven-figure losses, much of which had to do with a $7.1 million payoff to former CEO Joseph Bernstein, who was given $1.5 million in cash and $5.6 million in stock options

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Empire increased revenue by about $807,000, or 5 per cent, for the three months ending June 30, compared to the same period a year ago; but its net loss applicable to common shares was $9 million for the quarter, up from a loss of $4.6 million for the same quarter a year before.

(With files from Empire Resorts and Times Herald-Record)