Gaming firm reports deal with St. Regis Mohawk Tribe

Tuesday, March 21, 2006  

Shares of Empire Resorts rose 7.4 percent this morning after the company reported in its Securities and Exchange Commission filing that it has secured a deal with the St. Regis Mohawk Tribe for an off-reservation casino in the Catskills.

Empire said it will receive a fee of 5 percent of total project costs of the casino at Monticello Raceway, subject to a $600 million ceiling. Once the casino is open, the company will get 30 percent of the revenue.

The deal is subject to approval by the National Indian Gaming Commission. The tribe must also complete the Section 20 two-part determination process with the Bureau of Indian Affairs.

Empire filed its 8-K Report with the SEC on Monday.

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Empire tries again for Monticello casino (Business Week 3/21)