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Cayuga Nation, Alpha Hospitality to Develop Casino7 April 2003NORTHBROOK, Illinois -- (Press Release)-- The Cayuga Nation, a New York State based Nation with federal recognition, and Alpha Hospitality Corporation ("Alpha Hospitality") (NASDAQ:ALHY; BSE:ALH) and its affiliate, Catskill Development LLC, today jointly announced that they have executed agreements to develop a casino adjacent to Monticello Raceway, subject to final state and federal approvals. Located off Route 17 in Sullivan County, New York, Monticello Raceway is just 90 miles from New York City and within 100 miles of over 20 million people. Cayuga leader, Clint Halftown, stated, "The Cayuga people have been landless and in economic distress for over 200 years. Our people need jobs, housing, education, medical care and the means to keep important links to our culture and our land. The Nation has discussed the prospect of casino gaming in the Catskills for over two years. We now have reached a consensus - our time has come." Mr. Halftown also disclosed that the Cayuga Nation would submit a comprehensive trust land application to the Bureau of Indian Affairs later this week. The agreements provide for the development, construction, financing, operation and management of the proposed casino. In addition to gaming operations, the agreements provide for a joint venture to construct and operate hotels, retail and other support facilities in Sullivan County that will compliment casino operations. Alpha Hospitality Chairman and CEO Robert Berman said, "This project is poised for quick approval. We will be building on a site that had previously been approved by the Bureau of Indian Affairs for purposes of building a Native American casino." Martin R. Gold, a partner in the law firm of Sonnenschein, Nath & Rosenthal and lead attorney for the Cayuga Nation, said, "We expect to complete the land to trust process and create an economic catalyst that will benefit the Cayuga Nation, the people of Sullivan County as well as the state of New York." Under a recent letter of intent, Alpha Hospitality is proceeding with a planned consolidation with Catskill Development LLC and its other affiliates. Subject to completion of the transaction, Alpha Hospitality will acquire full beneficial ownership of Catskill's operations at Monticello Raceway, including all development and management rights with respect to Native American gaming, video lottery terminals and real estate development activities. |