Empire Resorts Inc (NASDAQ:NYNY) recently announced a 1-for-5 reverse split which will officially go into effect next Wednesday. While these types of moves are usually seen as bearish in nature, this one has all the signs of being a bullish move, at least telling from the direction this stock moved this week.
Today though, Empire Resorts Inc (NASDAQ:NYNY) shares have taken their largest leap, on news that the New York State Gaming Commission will be considering Gaming Facility Licenses for Empires’ Montreign resort and casino. The 18-story casino will feature 12 penthouse suites, over 330 rooms, and much more.
The NY State Gaming Commission will base their decision on how well they believe Empire Resorts Inc (NASDAQ:NYNY) will be able to complete the facility and ensure that the company is suitable for its administration.
The stock is up 15.96% or $0.68 following the news, hitting $4.94 per share. About 316,348 shares traded hands or up 530.73% from the average. nyny has declined 7.99% since May 15, 2015 and is currently downtrending. It has underperformed the S&P500 by 5.73%.
Empire Resorts, Inc. is a holding company for various subsidiaries engaged in the hospitality and gaming industries. The company has a market cap of $211.45 million. Through its wholly owned subsidiary, Monticello Raceway Management, Inc. , the Company owns and operates Monticello Casino and Raceway, a 45,000 square foot video gaming machine (VGM) and harness horseracing facility located in Monticello, New York. It currently has negative earnings. Monticello Casino and Raceway operates 1,110 VGMs, which include 1,090 video lottery terminals (VLTs) and 20 electronic table game positions (ETGs).