Empire Resorts hires KPMG as agent for $75 million private placement

By Devika Patel

Knoxville, Tenn., June 9 - Empire Resorts, Inc. hired KPMG Corporate Finance LLC as an adviser for a $75 million private placement of equity securities or debt obligations, according to an 8-K filed Tuesday with the Securities and Exchange Commission.

KPMGCF was retained on June 3 to raise cash so that the company may repurchase its $65 million of convertible senior notes due July 31, 2014, which are putable on July 31.

The agreement will continue until Sept. 30. It may be extended or terminated with the mutual written agreement of both parties.

The company will pay KPMGCF a $75,000 retainer, a $60,000 monthly fee and a percentage-based fee of at least $500,000 when the deal is completed.

Empire Resorts, located in Henderson, Nev., operates in the hospitality and gaming industries in New York.

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