Key Developments For Empire Resorts, Inc.
Empire Resorts, Inc. (NYNY.O) (Consolidated Issue listed on NASDAQ Global Market)
Empire Resorts, Inc. Stockholders Approve $44,000,000 Additional Investment By Kien Huat Realty III Limited
Empire Resorts, Inc. announced that the Company's stockholders approved the issuance of shares and related proposals to facilitate the proposed investment of $44,000,000 by Kien Huat Realty III Limited (Kien Huat). In exchange for the investment, Kien Huat will receive an additional 27,701,852 common shares in the Company. The closing is expected to take place later this week. The $44,000,000 investment by Kien Huat follows an initial investment of $11,000,000 by Kien Huat on August 19, 2009, in exchange for 6,804,188 shares of the Company's common stock. With its aggregate $55,000,000 investment following the second tranche, Kien Huat will own 34,506,040 common shares, or approximately 50.2% of the outstanding common shares of the Company, and just under 50% of the total voting power of the Company as represented by the Company's outstanding common and preferred shares.
Empire Resorts, Inc. Appoints Joseph A. D'Amato as Chief Financial Officer
Empire Resorts, Inc. announced the appointment of Joseph A. D'Amato as the Company's Chief Financial Officer, effective immediately.
Empire Resorts, Inc. Concludes $55,000,000 Investment Agreement with Kien Huat Realty III Limited
Empire Resorts, Inc. announced that it has entered into an Investment Agreement with Kien Huat Realty III Limited (Kien Huat) under which $55 million in new equity capital will be invested in the Company in two tranches in exchange for Common Stock representing just under 50% of the voting power of the Company.
Empire Resorts, Inc. Announces Acquisition of $10,000,000 Bank of Scotland Credit Facility by Park Avenue Bank of New York
Empire Resorts, Inc. announced that The Park Avenue Bank of New York (the Bank) has acquired its $10,000,000 secured credit facility from the Bank of Scotland. Prior to the closing, the outstanding balance under this facility was approximately $6,900,000. The Company reduced the outstanding balance at closing to approximately $4,400,000. The facility continues to be secured by the general credit of Empire Resorts, its receivables and licenses, as well as a first mortgage on the 230-acre Monticello Raceway and all other assets of the Company and its affiliates. Under the terms of an Amended and Restated Loan Agreement (the Agreement) executed by the Company and the Bank, the Company may increase the funding available under the facility by up to an additional $5,600,000 in principal through the participation of third parties acceptable to the Bank.
Empire Resorts, Inc. Appoints Eric Reehl As Interim CFO-Form 8-K
Empire Resorts, Inc. reported in its Form 8-K that on July 9, 2009, it has entered into an amended and restated agreement, dated as of April 8, 2009, (the Consulting Agreement) with Nima Asset Management LLC (Nima) pursuant to which Nima Asset Management LLC will provide the services of Eric Reehl, presently the Company's Chief Restructuring Officer, to serve as interim Chief Financial Officer (CFO) of the Company effective as of July 8, 2009 as well as continuing to serve as Chief Restructuring Officer.
