Maryland governor Martin O'Malley signed over 150 bills into law on Tuesday, but the one dealing with the Preakness made it into all of the headlines. So who says nobody cares about racing?
- Empire Resorts, the struggling owner of the struggling Monticello racino, has announced the "immediate resignation" of its CEO and CFO and the relocation of their offices from Las Vegas to New York. It can't be a good sign that the company will now be headed by its Chief Restructuring Officer (CRO?) - Eric Reehl, who was recently hired to negotiate with its creditors. According to Empire's K-8 filing (thanks to reader Chris): Reehl will serve as Chief Restructuring Officer and will, on an expedited basis, address the issues facing the Company, including the recapitalization of the Company, as more dully described below. And it's true, doesn't get more dully than this stuff.
The company's financials read like a poor man's Magna. So to speak.
Securities and Exchange Commission filings show Empire lost $12.16 million in 2008 on revenue of $67.2 million vs. a 2007 loss of $26.2 million on revenue of $75.7 million. Its auditors last month expressed doubt about its ability to continue as a going concern because of a $7.15 million bank loan payment due May 29 and concerns that holders of notes totaling $65 million can demand payment in July. [Las Vegas Sun]- Rap Tale is 8-1 in the Illiterate Stakes; the 8th on Wednesday. Reader Jason says she needs a Passover miracle, but she's not Jewish as far as I know.