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Empire Resorts Inc. Message Board

  • practical0o7 practical0o7 Jun 30, 2014 8:42 PM Flag

    GREAT ARTICLE KIDDIES!! MAYOR IS PAYING ATTENTION

    Why Empire Resorts Inc. Stock Popped and Dropped Today
    By Travis Hoium | More Articles | Save For Later
    June 30, 2014 | Comments (0)

    Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

    What: Shares of gaming company Empire Resorts (NASDAQ: NYNY ) jumped as much 10% in early trading today before dropping to a loss and ending the day over breakeven.

    So what: The crazy moves came after Empire announced it had submitted a proposal to the New York State Gaming Facility Location Board for a casino in Sullivan County. The proposed project would cost over $1 billion, with $630 million coming from Empire and its partners.

    This creates an incredible growth opportunity, but it will also require new capital. Management also announced a $478 million senior secured credit facility from Credit Suisse that is subject to getting the gaming license, as well as up to $150 million in new equity. Kien Huat Realty III, Empire's largest shareholder, has already committed to buying a proportionate share of the offering if new stock is sold.

    Now what: New York is looking to expand its gaming offerings; Empire and Caesars Entertainment both announced project proposals there, so it'll be a competitive market. The news of Caesars' bid or the dilution that came with Empire's bid may have scared away investors from the early pop today, which is understandable. In a highly competitive market, I don't think Empire is in a good position with or without the new casino, so I'd be a seller today. It'll take years to see whether Empire wins the bid and can build a profitable resort, which is easier said than done in the Northeast.

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    • "it will take years to see whether Empire wins the bid and can build a profitable resort, which is easier said than done in the Northeast" Maybe it's me BUT I don't understand a SINGLE THING in that sentence. Take years to see whether Empire wins the bid ? I thought in Sept. of this year we'll find out??? "easier said than done in the Northeast ????? What's that about??? I see adds all the time how N.Y.S. is giving away the store so business come to the state. Northeast ??? that's a big place :) Is it me??? or is this a stupid bunch of ????

      • 1 Reply to andre12031947
      • Not difficult to figure out. Maybe for NYNY stock owners on this thread. There are not too many bright bulbs in the tunnel on this thread. Not that it will take "Years" to figure out if they are awarded a hotel. "Years to figure out if they will be profitable which is true. NOT going to be built in 2 months, will take 2 years. So Now we are talking at least 2 1/4 years before open and the article is saying then add on a couple to see if they can be profitable which it is possible they will not be if there is a Casino in Orange. Makes a lot of sense to anyone with an ounce of intelligence. Doesn't mean the stock will not go up on the news when it is awarded but as the article says, good chance may not be profitable. WIth Casinos in NY, PA, NJ, CT who knows if there will be too many casinos to be profitable. It sure will hurt Atlantic City.
        Your MAYOR says area has to become more than just ONE casino. Has to be a DESTINATION!! Means cleaning up the County, giving people a reason to stay 3-4 nights instead of just in and out. It can be done, but remember this is Sullivan County. I don't think the NEW Dollar store opening in Fallsburg will be of much help!!

    • slanted article mayor. up 10percent early. We were down that amount in last few minutes friday cause of rebal over 1.5 mil shares.Alot of shares for mms to play with. This dude imo knows about 1 tenth of what most of us on this mb know about the situation. Best wishes mayor.Nyny down to last life and came up HUGE with the project size and financing.All i know is cpat is a minority partner with kh/genting in this project. not to shabby of a company to be a partner with

 
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