MONTICELLO — Empire Resorts announced Wednesday that it has cleared one of its major financial hurdles by securing $10 million from the Park Avenue Bank of New York to pay off the Bank of Scotland.
Empire still, however, has to come to an arrangement with its bond holders, which have a right to call in $65 million on July 31. The biggest immediate problem is with the largest holder, Plainfield Asset Management LLC.
Plainfield, a lead investor in Tioga and Vernon Downs, could demand repayment of $22.5 million, which could force the company, which owns the Monticello Gaming & Raceway, into a Chapter 11 reorganization.
“We thank The Park Avenue Bank for its cooperation in what has been a difficult period for us,” CEO Joseph Bernstein said in a release.
Victor Whitman