Monticello, NY - Empire Resorts, Concord End Agreement

Monticello, NY - Empire Resorts, a casino operator, said Tuesday it and Concord Associates mutually agreed to terminate an agreement reached last March relating to the acquisition by Empire of Concord and Grossinger's resorts in Sullivan County, N.Y., citing unfavorable changes in the business and political landscape.
Empire's president and chief executive, David P. Hanlon, said that Empire wanted to focus its resources to the company's property at Monticello Raceway.
Also, the proposed merger was characterized as overly dilutive to shareholders.
Concord retains the option to purchase some 5.2 million common shares of Empire at an exercise price of $7.50 per share.