Empire Resorts makes payment on 5.5% convertibles within grace period

By Caroline Salls

Pittsburgh, Aug. 21 - Empire Resorts, Inc. made the $2.6 million interest payment due July 31 on its 5.5% senior convertible notes within the grace period provided under the notes indenture, according to an 8-K filed with the Securities and Exchange Commission.

As previously reported, Empire Resorts has filed a declaratory judgment action that asks the Supreme Court of the State of New York to rule that the holders of its senior convertible notes did not properly exercise their July 31 put option after it received a default notice from three holders of $48.73 million in principal amount of the notes in connection with its failure to purchase the notes.

The company said the same three noteholders delivered a default notice on Aug. 11 in connection with the late interest payment.

Empire Resorts is a Monticello, N.Y.-based operator of the Monticello Casino & Raceway.

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