Key Developments: Empire Resorts Inc (NYNY.OQ)

NYNY.OQ on NASDAQ Stock Exchange Global Market

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Latest Key Developments (Source: Significant Developments)

Empire Resorts Inc announces closing of rights offering
Thursday, 1 May 2014 08:45am EDT 

Empire Resorts Inc:Conclusion of rights offering, in which upon completion it will issue total of 2,138,178 shares of common stock at $6.25 per share and raise about $13.36 mln in gross proceeds.This includes 452,462 shares issued to holders upon exercise of their basic subscription rights, 1,512,629 shares issued to Kien Huat Realty III Limited.  Full Article

Empire Resorts Inc announces commencement of rights offering
Wednesday, 2 Apr 2014 08:30am EDT 

Empire Resorts Inc:Commenced rights offering for about gross proceeds of $15,390,000.Offering is expected to expire on April 30.Subscription right will entitle holder to purchase one share of common stock at subscription price of $6.25 per share.  Full Article

Empire Resorts Inc Announces Dismissal of Lawsuit Brought by Concord Associates, L.P
Friday, 20 Sep 2013 12:25pm EDT 

Empire Resorts Inc announced that on September 18, 2013, the United States District Court for the Southern District of New York granted Motions to Dismiss filed by Empire Resorts, Inc. (Empire) and all other defendants in Concord Associates, L.P. v. Entertainment Properties Trust. This lawsuit was originally filed by Concord Associates, L.P. and associates (Concord Associates) in March 2012 and asserted in an amended complaint various federal antitrust claims against Empire and its wholly-owned subsidiary, Monticello Raceway Management, Inc. (collectively, the Company), Entertainment Properties Trust and its wholly-owned subsidiary, EPT Concord II, LLC (collectively, EPR), Genting NY LLC and Kien Huat Realty III Limited. The claims arose out of the Company`s exclusivity agreement and option agreement with EPR to develop the site of the former Concord Resort located in Sullivan County, New York. Concord Associates brought federal antitrust claims against Company for conspiracy in restraint of trade, conspiracy to monopolize and monopolization. Concord Associates also brought state law claims for tortious interference with contract and business relations. In its decision, the Court dismissed Concord Associates` federal antitrust claims with prejudice, meaning that they are dismissed on the merits subject to Concord Associates` right to appeal, and the Court dismissed Concord Associates` state law claims without prejudice, meaning they could be further pursued in a state court.  Full Article

Empire Resorts Inc Enters Into Material Definitive Agreement-Form 8-K
Thursday, 15 Aug 2013 10:28am EDT 

Empire Resorts Inc reported in its Form 8-K that the option agreement. by and between Monticello Raceway Management, Inc. (MRMI), a wholly-owned subsidiary of the Company, and EPT Concord II, LLC (EPT and, together with MRMI, the Parties), originally entered into on December 21, 2011, was further amended by a letter agreement between the Parties, dated August 14, 2013 (the Letter Agreement). Pursuant to the Option Agreement, EPT granted MRMI a sole and exclusive option to lease certain EPT property located in Sullivan County, New York (the EPT Property) pursuant to the terms of a lease negotiated between the parties. Pursuant to the Letter Agreement, MRMI and EPT agreed to extend the option exercise period and the final option exercise outside date (as such terms are defined in the Option Agreement) from August 14, 2013 to August 23, 2013 (as the same may be further extended pursuant to the Option Agreement). Except for these amendments, the Option Agreement remains unchanged and in full force and effect.  Full Article

Empire Resorts Inc Announces Closing of Rights Offering
Wednesday, 5 Jun 2013 04:33pm EDT 

Empire Resorts Inc announced that the conclusion of its rights offering (the "Rights Offering") and standby purchase of shares not sold in the Rights Offering, in which upon completion it will issue a total of 6,032,153 shares of common stock at $1.8901 per share and raise approximately $11.4 million in gross proceeds. This includes 1,383,819 shares issued to holders upon exercise of their basic subscription rights, 3,650,849 shares issued to Kien Huat Realty III Limited ("Kien Huat"), our largest stockholder, upon exercise of its basic subscription rights and 213,138 shares issued to holders upon exercise of their oversubscription rights in the Rights Offering. Kien Huat will acquire the remaining 784,347 shares not sold in the Rights Offering pursuant to the terms of a standby purchase agreement, which we expect to finalize on or about June 11, 2013. The Company will pay Kien Huat a fee of $40,000 for the shares purchased pursuant to the standby purchase agreement and reimburse Kien Huat for its expenses related to the standby purchase agreement in an amount of $40,000 for aggregate net proceeds of approximately $8,302,963 from Kien Huat to the Company pursuant to the Rights Offering. After giving effect to the Rights Offering, Kien Huat will own approximately 62.71% of the outstanding shares of the Company's common stock.  Full Article

Empire Resorts Inc Announces Commencement Of Rights Offering
Tuesday, 30 Apr 2013 11:04am EDT 

Empire Resorts Inc announced that it has commenced its previously announced $11.4 million rights offering. Under the terms of the rights offering, Empire will grant, at no charge to the holders of record of its common stock and Series B Preferred Stock on April 8, 2013, the record date for the rights offering, one non-transferable subscription right for each five shares of common stock owned, or into which the Series B Preferred Stock is convertible, as more fully described in the prospectus relating to the rights offering. Each subscription right will entitle the holder to purchase one share of common stock at a subscription price of $1.8901 per share. In addition, holders of subscription rights who fully exercise their basic subscription rights are entitled to oversubscribe for additional shares of common stock up to the number of shares purchased pursuant to the exercise of their basic subscription rights.  Full Article

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