Empire Resorts Announces End to Horsemen Arbitration
Empire Resorts, Inc. ("Empire") today announced that the New York Racing
and Wagering Board has arbitrated terms of a new contract with the company's
horsemen. The new contract will run through December 31, 2007. As part of
the agreement, the horsemen will receive 8.25% of the first $100 million of
VGM revenue, after which they will receive 9.25%, with a minimum of 200 race
days per year. In addition, for insurance, legal, and administrative
matters, the horsemen will receive $20,000 per month as a direct management
contribution, along with 3.5% of revenue from all sources; in 2007, the
horsemen will receive 4.5% of revenue from all sources. Empire Resorts
continues to review its options and possible avenues of appeal.
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