Empire Resorts, the owner of Monticello Gaming & Raceway, has told its shareholders it might not survive the summer, and it has a $7.15 million payment due to a bank on May 29.
Monticello Gaming & Raceway is scheduled to race through Dec. 31.
According to a story on the web site of the Middletown (NY) Times-Herald Record, Empire Resorts gave the bleak outlook in its annual report to the Securities and Exchange Commission. Empire Resorts posted losses of $9.5 million in 2008, up from $7.5 million in 2007. Racing revenues dropped $6.2 million, or 10 percent, while racing operations showed a $1.8 million decrease.
In the annual report, Empire Resorts said there is "susbstantial doubt about our ability to continue as a going concern." To read the entire story, click here.
|
Home :: News Archive :: Racing Reports :: Sale Reports :: Calendars :: Guide Directory :: Contact The Staff
Advertising Rates & Information For: Horseman And Fair World Magazine :: HarnessRacing.com :: Harness Racing Weekend Preview
Website Design by eLink Design, Inc. A Lexington Web Design Company :: Hosted by Intelliwire, LLC, An Offsite Backup Company
Site contents may not be reproduced without the expressed written consent of the publisher.
© 2012 Horseman Publishing Co., Lexington KY, All Rights Reserved
Advertising Rates & Information For: Horseman And Fair World Magazine :: HarnessRacing.com :: Harness Racing Weekend Preview
Website Design by eLink Design, Inc. A Lexington Web Design Company :: Hosted by Intelliwire, LLC, An Offsite Backup Company
Site contents may not be reproduced without the expressed written consent of the publisher.
© 2012 Horseman Publishing Co., Lexington KY, All Rights Reserved