Monticello, NY – Empire Resorts, the company that owns Monticello Gaming and Raceway in Monticello, Wednesday announced they have executed a standstill agreement with the holders of over 90 percent of the $65 million in outstanding notes. Those holders withdrew their notices of default on the loans pending the resolution of a court case.

The company also announced it has paid off $1 million of a $4.4 million loan from The Park Avenue Bank of New York and that it plans to repay the remaining $3.4 million before the maturity date with money from Kien Huat Realty III, Ltd, which in August invested $11 million in the company with plans to invest another $44 million upon stockholder approval and provide a line of credit of up to $10 million to replace the bank’s credit note.

Special meeting of Empire Resorts stockholders will be held on November 10 to approve the additional investment.

(Source: MidHudsonNews)