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Press Release: Empire Resorts, Inc.
May 25, 2005
MONTICELLO, NY -- Empire Resorts, Inc.
Empire Resorts, Inc. (Nasdaq: NYNY) announced that, effective May 23, its board of directors has elected John
Sharpe as chairman, named David P. Hanlon as chief executive officer and president, and appointed Ronald J. Radcliffe
as chief financial officer and treasurer.
Mr. Hanlon, 60, brings over 25 years experience in the gaming and resort industries, having led the implementation
of successful growth strategies at Rio Suites Hotel & Casino, Resorts International, Harrah's Atlantic City
and International Game Technology. Mr. Hanlon's involvement with Empire Resorts began in 2003, when he was elected
director and vice chairman of the company's board of directors. As the chief executive officer and president of
Empire Resorts, Mr. Hanlon has been charged by the board to implement the company's growth strategy: further building
Empire's video game machine business with the New York State Lottery at the Monticello Raceway; developing Native
American gaming opportunities at the Monticello Raceway and Concord Hotel & Resort; driving future development
of resort and golf properties at the Concord Hotel & Resort and Grossinger's Hotel & Resort - scheduled
to be merged into the company in the third quarter of 2005. In addition to developing gaming and resort opportunities
in New York State, Mr. Hanlon is tasked with exploring the expansion of the company's geographic footprint by cultivating
attractive gaming and resort opportunities throughout the United States.
Mr. Hanlon, chief executive officer and president, said, "Empire Resorts is at a critical juncture in its
corporate history. The video gaming business is now on solid ground and generating positive cash flow. This business,
the completion of our merger, and the new management team's industry and capital markets expertise, positions Empire
Resorts to take advantage of the numerous growth opportunities presently available to us in New York State and
beyond. In my 20 plus years of involvement in the gaming and resort industry, I have never been more excited about
an opportunity than I am about implementing Empire's growth strategy and building a sustainable growth business."
Ronald J. Radcliffe, 61, the company's newly appointed chief financial officer, previously worked with Mr. Hanlon
at the Rio Suites Hotel & Casino, where he served as chief financial officer from 1996 to 2000 and was instrumental
in negotiating the sale of the company to Harrah's Entertainment, Inc. He was also lead representative in the Rio's
public equity and debt offerings, aggregating over $500 million.
In conjunction with these appointments, the company announced that Robert Berman, the prior chief executive officer,
has been appointed vice chairman and that David Matheson, the prior chairman, will remain a director. Morad Tahbaz,
the former president of the Empire Resorts, has resigned from the board to pursue other business interests. Mr.
Hanlon will assume his responsibilities.
"The new management team has the vision, experience, credentials and dedication to take Empire to the next
level in gaming and resort development. With David's industry expertise and Ron's capital markets experience, we
are now squarely focused on improving operating results and pursuing growth in new markets," said John Sharpe,
chairman of the board. "I would also like to take this opportunity to express the board's and my personal
gratitude to our former chairman, David Matheson, and our prior management team - Robert Berman, Morad Tahbaz,
and Scott Kaniewski - for bringing the company to its current position as a viable public gaming and resort development
company. They have done a tremendous job. While I will continue to work with Mr. Berman and Mr. Matheson as directors,
the board joins me in thanking Mr. Tahbaz and Mr. Kaniewski for their dedication and tireless efforts on behalf
of the company and its shareholders."
Following are the biographies of the newly appointed management team:
David P. Hanlon, chief executive officer and president
Prior to starting his own gaming consulting business in 2000, in which he advised a number of Native American and
international gaming ventures, Mr. Hanlon served as president and chief operating officer of Rio Suites Hotel Casino,
from 1996-1999, where he guided the corporation through a major expansion. From 1994-1995, he served as president
& CEO of International Game Technology, the world's leading manufacturer of microprocessor gaming machines.
From 1988-1993, he served as president & CEO of Merv Griffin's Resorts International. Prior to this, Mr. Hanlon
served as president of Harrah's Atlantic City (Harrah's Marina and Trump Plaza). Mr. Hanlon's education includes
a B.S. in Hotel Administration from Cornell University, an M.S. in Accounting and an M.B.A. in Finance from the
Wharton School, University of Pennsylvania, and an Advanced Management Program at the Harvard Business School.
Ronald J. Radcliffe, chief financial officer
Mr. Radcliffe was chief financial officer, treasurer and vice president of the Rio Suites Hotel & Casino in
Las Vegas from 1996-2000, where he negotiated the sale of the company to Harrah's Entertainment, Inc. He was the
lead company representative in the company's $125 million secondary public offering, negotiating a $300 million
revolving line of credit, and a public offering of $125 million in subordinated debt. In 2001, Mr. Radcliffe started
a gaming consultancy business, and in 2002 became chief financial officer, treasurer, vice president and principal
of Siren Gaming, LLC, a management company for a Native American casino. From 1993 to 1995, Mr. Radcliffe was chief
financial officer, treasurer and vice president of Mikohn Gaming Corporation, Las Vegas, NV. Prior to this, he
was vice chairman, president, chief operating officer and chief financial officer for Sahara Resorts, Las Vegas,
NV. Mr. Radcliffe is a licensed CPA who graduated with a B.S. in Business Administration in 1968 from the University
of Nevada.
John Sharpe, chairman of the board
Mr. Sharpe, 62, has served as a director of the company since 2003. He most recently served as president and chief
operating officer of Four Seasons Hotels & Resorts, from which he retired in 1999, after 23 years of service.
During his tenure at Four Seasons, the world's largest operator of luxury hotels, Mr. Sharpe directed worldwide
hotel operations, marketing and human resources. Mr. Sharpe received numerous industry and public service awards
including, in 1999, the "Corporate Hotelier of the World" award from Hotels Magazine, Inc. Mr. Sharpe
has also received the "Silver Plate" award of the International Food Manufacturers Association, and the
"Gold Award" of the Ontario Hostelry Institute. Mr. Sharpe graduated with a B.S. in Hotel Administration
from Cornell University and is currently a trustee and treasurer of the Culinary Institute of America, and a member
of the Industry Advisory Council of the Cornell Hotel School. He currently serves on the board of Fairmont Hotels
& Resorts, Toronto, Canada.
About Empire Resorts, Inc.
Empire operates the Monticello Raceway and is involved in the development of other legal gaming venues in New York.
Empire opened Mighty M Gaming at the Raceway site on June 30, 2004. The facility features 1,718 video gaming machines
and amenities such as a 350-seat buffet and live nightly entertainment. Together with the Cayuga Nation, Empire
has announced plans to develop a $500 million "Class III" Native American casino and resort on a site
adjacent to the Raceway. In addition, Empire has announced plans to develop a second casino and resort in the Catskills
with the Seneca Cayuga Tribe of Oklahoma.
Statements in this press release regarding the company's business that are not historical facts are "forward-looking
statements" that involve risks and uncertainties, including the need for regulatory approvals, financing and
successful completion of construction. The company wishes to caution readers not to place undue reliance on such
forward-looking statements, which statements are made pursuant to the Private Securities Litigation Reform Act
of 1994, and as such, speak only as of the date made. To the extent the content of this press release includes
forward-looking statements, they involve various risks and uncertainties including (i) the risk that the various
approvals necessary as described herein and other approvals required to be obtained from the United States Congress,
the Bureau of Indian Affairs, the National Indian Gaming Regulatory Commission, the Governor of the State of New
York and various other federal, State and local governmental entities are not received, (ii) the risk that financing
necessary for the proposed programs or projects may not be able to be obtained because of credit factors, market
conditions or other contingencies, (iii) the risk that sovereign Native American governments may exercise certain
broad rights with regard to termination of its agreements with the company (iv) the risk of non-compliance by various
counterparties of the related agreements, and (v) general risks affecting the company as described from time to
time in it's reports filed with the Securities and Exchange Commission. For a full discussion of such risks and
uncertainties, which could cause actual results to differ from those contained in the forward-looking statements,
see "Risk Factors" in the company's Annual Report or Form 10-K for the most recently ended fiscal year.
---------------------------------------------------------
Contact:
For Empire Resorts
Charles A. Degliomini, 845-807-0001
or
Investor Contact:
Lippert/Heilshorn & Associates, Inc.
Jody Burfening, 212-838-3777
jburfening@lhai.com
Source: Empire Resorts, Inc.