Gaming stock plummets after BIA rejection of Mohawks

Tuesday, January 8, 2008  

The stock of Empire Resorts fell 54 percent on Monday after the Bureau of Indian Affairs rejected the St. Regis Mohawk Tribe's off-reservation casino in New York.

The stock (NYNY) closed at $1.42, its lowest since 2002. It was all due to the Bush administration's rejection of the casino under a new policy that virtually eliminates any chance of off-reservation gaming.

Empire owns the Monticello Gaming & Raceway. That's the facility the Mohawks want to turn into a $600 million Class III facility.

The BIA, however, said the gaming site was too far from the Mohawk reservation -- over 300 miles -- to benefit tribal members [PDF: Letter]

Get the Story:
Empire Resort stock plummets (The Middletown Times Herald-Record 1/8)