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Empire Resorts reports loss of $12.2M, might face bankruptcy

MONTICELLO -- As reported by the Times-Herald Record: "Empire Resorts reported steep losses in 2008 at its struggling Monticello racino, and company officials now say that bankruptcy could be looming.

"The owner of the Monticello Gaming & Raceway reported a net loss applicable to common shares of $12.2 million for 2008, compared with a loss of $26.2 million in 2007.

"Empire executives say the company's immediate future is in the hands of its creditors. The company is required to pay an outstanding balance of about $7.15 million to the Bank of Scotland by May 29.

"...Empire is blaming competition from a racino in Yonkers and casinos in Pennsylvania for a nearly 20 percent drop in attendance last year..."

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