MONTICELLO – Empire Resorts, the company that owns Monticello Raceway and Resorts World Catskills near Monticello, has hired Moelis & Company as its financial advisor to evaluate strategic alternatives for the company as a whole.
This announcement, in a June 24 Securities and Exchange Commission filing, comes just days after the state approved creation of a video lottery terminal operation to replace the facility at Monticello Raceway that Empire Resorts shut down weeks ago. The new VLT operation will be built in Harriman.
“The board of directors of Empire also created a special committee to oversee the evaluation of strategic alternatives for the company as a whole and disbanded its existing Strategic Development Committee, which had, among other things, overseen the development of Resorts World Catskills,” the SEC filing stated.
Creation and operation of a new video lottery terminal gaming facility in Woodbury is subject to a number of requirements including retaining employment levels at the company’s Sullivan County facilities, continued operation of Monticello Raceway and “entry into a mitigation agreement between the company and the VLT facility operating at the Yonkers racetrack,” according to the SEC filing.
The new facility will be constructed on the former Nepera chemical company site off Route 17 in Harriman, which must first be remediated to remove environmental contamination on the site.
