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: