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Asian casino operator buys half of Catskills resort
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MONTICELLO, N.Y. (AP) -- An Asian casino operator has bought nearly half of Empire Resorts, which owns the Monticello Casino and Raceway in the Catskills.
Kien Huat Realty announced Wednesday that it has agreed to kick in $55 million and provide an additional $10 million in credit in exchange for stock representing just under 50 percent of the company.
As part of the deal, G. Michael Brown, a former President and CEO at Foxwoods Resort Casino, becomes chairman of the board.
Empire's CEO Joseph Bernstein says Kien Huat is keenly interested in building a casino and entertainment complex near Manhattan. He said Empire Resorts envisions working with the Mohawk Indians to create a gaming and entertainment center.
Kien Huat owns a substantial interest in Star Cruises and financed the startup of the Foxwoods Casino in Connecticut and the Seneca Niagara Casino in New York.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
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