I just love this company. They are in a business that is very likely to receive additional gaming soon; they have a $6.5MM line of credit that can be easily taken out by new partners if necessary; and if they have to issue 30MM shares to pay off the bondholders then they will be a debt free company with less than 70MM shares o/s.
What is Empire worth with no debt and 70MM shares o/s? I say at least $200MM and that means a $3 share price if fully diluted.
Of course, not all the debt will be converted into equity (and hopefully as much as possible remains debt). But this is a worst case scenario if dilution occurs.
There are a bunch of looney birds here, but that just helps those who understand financing to make money.
Empire will be over $2 this week (maybe tomorrow) and then close to $3 once the deals are in place later this month.
WELL...WIPE YOUR EYES....cause its here.
Sullivan County is actually nice, its all the element.
Crime , drugs, gangs, 50 yearsof poverty took its toll.
HOWEVER, the reason for the problems is that scumbags flock to areas for cheap rent, and to blend in with the other dirt baggers.
There isnt a bum in Uncassville, CT ?
Theere used to be poverty , and element in that area , but with jobs comes money, quality housing, OPPORTUNITY, and now the place is rea nice.
The area will take time. Time for the scum to relocate. And for good people to find work provided by a resort or two or three.
I have houses and property over by Bethel Woods, and that are acleaned up real nice over the last ten years.
Million dollar lake homes, restaurants etc.
I saw the changes. I bought in 1998, and cannot believe it has cleaned up the way it has.
Time for Monticello and area to do the same.
NEED MORE STATE POLICE ACTION !
Can you imagine ....Bloods and Crips are all over the place.
Gang laws too loose.
Shoot em is what I say.
Managemnet may be able to shave a couple expenses, and come up with some good gimicks to lure people there, but I realy don't think Empire's problems gpo beyonf management. That area has been slowly dying over the last 40 years. Its just not a place people want to visit. There is more crime and poverty per capital in Sullivan County mostly anywhere else in NYS. Its depressing, and they need gamlbing. Like I said, if they reorganizer I'm a buyer for the long term. But I can't agree that the stock would fly on 30mm new shares, and if youyr a new investor aren't you going to want a low price? Why would anyone pay $2.00 per share given EMpire's bargtaiing position? I just can;t see it.
The company USED TO suck.
Very different management team here now.
Deep pockets..rich already.......not dreamers like all the people who got booted.
This is a new day.
A totally revamped scenerio....A WHOLE NEW GAME !
Ummmm.....they lose money. You realizr that they are a summer destination that actually loses money with slot machines in a summer vacation spot. You relaize this right? If someone invests it is ONLY for the possiblity of table games. The company and the racino sucks. Longs will even admit that.
Victor Whitman from Record with all the positives, ONCE AGAIN, complaining Berny's getting 500,000. a yr., when everyone took pay cut.