Shares Of Empire Resorts Spike Up, Plummet Shortly After
Before the market opened Monday morning, Empire Resorts (NASDAQ: NYNY) announced that it has submitted an application to the New York State Gaming Facility Location Board for a casino to be located 90 miles from New York City in Sullivan County, New York.
Following the announcement, shares of Empire spiked up to $7.73, an increase of approximately nine percent from Friday's close.
The casino is to be named Montreign Resort Casino and will include a golf course and water park.
Essentially all approvals and permits have been acquired to proceed with construction upon receiving a destination gaming facility license.
Credit Suisse AG has committed to provide up to $478 million in credit to finance construction, in addition to Empire Resorts' largest stockholder, Kien Huat Realty III.
“After years of planning and community engagement, we believe our Montreign Resort Casino, and the non-gaming resort attractions that encompass the overall Adelaar master plan, is exactly the type of tourism driven development envisioned by the Upstate New York Gaming Economic Development Act,” said Emanuel Pearlman, Chairman of the Board of Empire.
Shares have since reversed course, trading down over seven percent at $6.55 in the morning session.
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