SEARCH NEWS:

 

Alpha Settles With Catskill Development

The original agreement contemplated an arrangement specific to the St. Regis Mohawks whereby the revised understanding covers all prospective federally recognized Native American nations.

Under the terms of the final agreement, Alpha will be entitled to receive 40 percent of Mohawk Management's basic management fee income and 75 percent of the service fee income accruing to the managing entity for professional services rendered.

The net result of the settlement would entitle Alpha Monticello to receive approximately 47 percent of all management fee and service fee income derived from the underlying management contract.

In a related earlier transaction, Bryanston Group, Inc. (``Bryanston'), Alpha's largest shareholder, agreed to transfer to Alpha Monticello five percentage points of its ownership interest in its real property holdings at Monticello Raceway. The holdings include the Raceway's building and equipment and approximately 200 acres of land.

In addition, Bryanston has agreed to transfer its 25 percent ownership in the Raceway's pari-mutuel operations to Alpha Monticello.

According to an Alpha spokesperson, ``The transfer of Bryanston's interest in real estate and pari-mutuel operations is equally significant to the shareholders of Alpha, should the casino open. The transfer represents additional asset value and a potential source of cash flow benefits to the Company.''

The spokesperson added, ``The finalization of these settlements is an important step for Alpha and the citizens of Sullivan County as it regards the Native American casino at Monticello Raceway. We believe these events will help to assure that the Monticello project moves forward to completion.''

< Gaming News