Empire Resorts reports Q3 results

9 Nov 2007

LAS VEGAS --(PRESS RELEASE) -- Empire Resorts, Inc. (NASDAQ: NYNY) announces financial results for the third quarter and nine months ended September 30, 2007.

Net revenue for the third quarter was $22.5 million, down 22% from the $28.7 million reported in the third quarter of 2006. Revenue from racing declined by approximately $2.1 million, or 49%, reflecting the impact of lower allocations from OTB facilities, while revenue from the company's video gaming machine (VGM) business declined by approximately $3.9 million, or 17%, primarily due to changes in the competitive environment. The company's operating loss for the quarter was $(0.8) million versus operating income of $1.8 million in the prior-year period. EBITDA was $(0.5) million for the quarter compared with $2.1 million in the third quarter of 2006. The company posted a net loss for the third quarter of $2.5 million, or $(0.09) per diluted share, compared with a net loss of $0.2 million, or $(0.01) per diluted share, in 2006.

For the first nine months of fiscal 2007, Empire reported net revenue of $60.3 million, versus $77.1 million in the same period last year. EBITDA was $(4.6) million for the period, as compared with $3.8 million in 2006. Empire's net loss for the first nine months of 2007 was $10.8 million, or $(0.37) per diluted share, versus a net loss of $3.2 million, or $(0.12) per diluted share, last year.

"While we continued to see the impact of heightened regional competition this quarter, our Monticello operations are starting to show some positive results from expanded marketing initiatives and benefited from stronger seasonal demand," commented David Hanlon, CEO and president. "In addition, we were pleased to see recent steps taken in Washington, including hearings before Congress, with regard to the Department of the Interior's delays approving off-reservation applications. While no immediate resolution is forthcoming, we are encouraged by these events, and by the 'Motion to Compel' lawsuit recently filed by the St. Regis Mohawks, which serve to focus attention on the issues. We are prepared to assist and take any measures necessary to bring this to a conclusion as expeditiously as possible."

The company makes use of EBITDA (earnings before interest, taxes, depreciation and amortization) as a financial measure which it believes is a useful performance indicator. EBITDA is not a recognized term under generally accepted accounting principles, or "GAAP," and should not be considered as an alternative to net income/(loss) or net cash provided by operating activities, which are GAAP measures. A reconciliation of EBITDA to net income/(loss) appears at the end of this release, as do both actual results for the quarter and year-to-date periods.

Empire Resorts reports Q3 results is republished from CasinoCityTimes.com.

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	Empire Resorts reports Q3 results 9 Nov 2007 <a href='http://as1.casinocity.com/adclick.php?n=a21efcd1'><img src='http://as1.casinocity.com/adview.php?what=-site:vendors/width:250/RON&n=a21efcd1' border='0' alt=''></a> LAS VEGAS --(PRESS RELEASE) -- Empire Resorts, Inc. (NASDAQ: NYNY) announces financial results for the third quarter and nine months ended September 30, 2007. Net revenue for the third quarter was $22.5 million, down 22% from the $28.7 million reported in the third quarter of 2006. Revenue from racing declined by approximately $2.1 million, or 49%, reflecting the impact of lower allocations from OTB facilities, while revenue from the company's video gaming machine (VGM) business declined by approximately $3.9 million, or 17%, primarily due to changes in the competitive environment. The company's operating loss for the quarter was $(0.8) million versus operating income of $1.8 million in the prior-year period. EBITDA was $(0.5) million for the quarter compared with $2.1 million in the third quarter of 2006. The company posted a net loss for the third quarter of $2.5 million, or $(0.09) per diluted share, compared with a net loss of $0.2 million, or $(0.01) per diluted share, in 2006. For the first nine months of fiscal 2007, Empire reported net revenue of $60.3 million, versus $77.1 million in the same period last year. EBITDA was $(4.6) million for the period, as compared with $3.8 million in 2006. Empire's net loss for the first nine months of 2007 was $10.8 million, or $(0.37) per diluted share, versus a net loss of $3.2 million, or $(0.12) per diluted share, last year. "While we continued to see the impact of heightened regional competition this quarter, our Monticello operations are starting to show some positive results from expanded marketing initiatives and benefited from stronger seasonal demand," commented David Hanlon, CEO and president. "In addition, we were pleased to see recent steps taken in Washington, including hearings before Congress, with regard to the Department of the Interior's delays approving off-reservation applications. While no immediate resolution is forthcoming, we are encouraged by these events, and by the 'Motion to Compel' lawsuit recently filed by the St. Regis Mohawks, which serve to focus attention on the issues. We are prepared to assist and take any measures necessary to bring this to a conclusion as expeditiously as possible." The company makes use of EBITDA (earnings before interest, taxes, depreciation and amortization) as a financial measure which it believes is a useful performance indicator. EBITDA is not a recognized term under generally accepted accounting principles, or "GAAP," and should not be considered as an alternative to net income/(loss) or net cash provided by operating activities, which are GAAP measures. A reconciliation of EBITDA to net income/(loss) appears at the end of this release, as do both actual results for the quarter and year-to-date periods. Empire Resorts reports Q3 results is republished from CasinoCityTimes.com.