Empire Resorts, Inc. has served as a holding company for subsidiaries engaged in the ownership, development and operation of gaming facilities. The Company was incorporated under the name Alpha Hospitality Corporation and changed its name to Empire in May 2003. Since the year ended December 31, 2001, it has concentrated most of its efforts on developing gaming operations in Monticello, New York. As part of this effort it has disposed of the ancillary interests and terminated certain unprofitable operations. In March 2002, the Company sold its interests in a casino project in Greenville, Mississippi, and, in June 2003, it sold its ownership in Casino Ventures, LLC. In January 2004, it closed a private sale of 4,050,000 shares of common stock to multiple investors.