Intrinsic value of Empire Resorts - NYNY

Previous Close

$13.33

  Intrinsic Value

$23.38

stock screener

  Rating & Target

str. buy

+75%

Previous close

$13.33

 
Intrinsic value

$23.38

 
Up/down potential

+75%

 
Rating

str. buy

We calculate the intrinsic value of NYNY stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  105
  163
  243
  353
  498
  685
  920
  1,208
  1,554
  1,963
  2,437
  2,980
  3,591
  4,273
  5,024
  5,844
  6,732
  7,686
  8,705
  9,787
  10,931
  12,136
  13,400
  14,723
  16,105
  17,546
  19,047
  20,608
  22,232
  23,919
Variable operating expenses, $m
  139
  212
  314
  454
  638
  876
  1,174
  1,539
  1,979
  2,499
  3,096
  3,786
  4,563
  5,429
  6,384
  7,426
  8,554
  9,766
  11,061
  12,435
  13,889
  15,419
  17,025
  18,706
  20,462
  22,293
  24,200
  26,184
  28,247
  30,391
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  139
  212
  314
  454
  638
  876
  1,174
  1,539
  1,979
  2,499
  3,096
  3,786
  4,563
  5,429
  6,384
  7,426
  8,554
  9,766
  11,061
  12,435
  13,889
  15,419
  17,025
  18,706
  20,462
  22,293
  24,200
  26,184
  28,247
  30,391
Operating income, $m
  -34
  -49
  -71
  -101
  -140
  -190
  -254
  -332
  -425
  -536
  -659
  -806
  -972
  -1,156
  -1,359
  -1,581
  -1,821
  -2,080
  -2,355
  -2,648
  -2,957
  -3,283
  -3,625
  -3,983
  -4,357
  -4,747
  -5,153
  -5,576
  -6,015
  -6,471
EBITDA, $m
  -26
  -40
  -59
  -86
  -122
  -167
  -225
  -295
  -379
  -479
  -595
  -728
  -877
  -1,044
  -1,227
  -1,427
  -1,644
  -1,877
  -2,126
  -2,390
  -2,670
  -2,964
  -3,272
  -3,596
  -3,933
  -4,285
  -4,652
  -5,033
  -5,429
  -5,842
Interest expense (income), $m
  0
  39
  66
  106
  163
  240
  341
  472
  636
  837
  1,080
  1,366
  1,697
  2,077
  2,505
  2,982
  3,507
  4,081
  4,702
  5,370
  6,083
  6,840
  7,640
  8,482
  9,367
  10,292
  11,259
  12,268
  13,318
  14,410
  15,546
Earnings before tax, $m
  -72
  -115
  -177
  -264
  -380
  -532
  -726
  -968
  -1,263
  -1,616
  -2,025
  -2,504
  -3,049
  -3,661
  -4,341
  -5,089
  -5,903
  -6,782
  -7,725
  -8,731
  -9,797
  -10,923
  -12,108
  -13,350
  -14,650
  -16,006
  -17,421
  -18,893
  -20,425
  -22,017
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -72
  -115
  -177
  -264
  -380
  -532
  -726
  -968
  -1,263
  -1,616
  -2,025
  -2,504
  -3,049
  -3,661
  -4,341
  -5,089
  -5,903
  -6,782
  -7,725
  -8,731
  -9,797
  -10,923
  -12,108
  -13,350
  -14,650
  -16,006
  -17,421
  -18,893
  -20,425
  -22,017

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,334
  2,061
  3,082
  4,471
  6,308
  8,672
  11,641
  15,285
  19,668
  24,843
  30,849
  37,716
  45,460
  54,088
  63,598
  73,980
  85,219
  97,296
  110,193
  123,890
  138,369
  153,614
  169,615
  186,364
  203,858
  222,100
  241,098
  260,864
  281,415
  302,777
Adjusted assets (=assets-cash), $m
  1,334
  2,061
  3,082
  4,471
  6,308
  8,672
  11,641
  15,285
  19,668
  24,843
  30,849
  37,716
  45,460
  54,088
  63,598
  73,980
  85,219
  97,296
  110,193
  123,890
  138,369
  153,614
  169,615
  186,364
  203,858
  222,100
  241,098
  260,864
  281,415
  302,777
Revenue / Adjusted assets
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
  0.079
Average production assets, $m
  83
  129
  192
  279
  394
  541
  727
  954
  1,227
  1,550
  1,925
  2,354
  2,837
  3,376
  3,969
  4,617
  5,319
  6,072
  6,877
  7,732
  8,636
  9,587
  10,586
  11,631
  12,723
  13,861
  15,047
  16,280
  17,563
  18,896
Working capital, $m
  -123
  -190
  -284
  -412
  -581
  -798
  -1,071
  -1,407
  -1,810
  -2,286
  -2,839
  -3,471
  -4,184
  -4,978
  -5,853
  -6,809
  -7,843
  -8,955
  -10,142
  -11,402
  -12,735
  -14,138
  -15,611
  -17,152
  -18,762
  -20,441
  -22,189
  -24,009
  -25,900
  -27,866
Total debt, $m
  808
  1,298
  1,986
  2,922
  4,161
  5,754
  7,755
  10,211
  13,165
  16,653
  20,701
  25,329
  30,549
  36,364
  42,774
  49,771
  57,346
  65,487
  74,179
  83,411
  93,169
  103,445
  114,229
  125,518
  137,309
  149,604
  162,409
  175,731
  189,583
  203,980
Total liabilities, $m
  899
  1,389
  2,077
  3,014
  4,252
  5,845
  7,846
  10,302
  13,256
  16,744
  20,792
  25,420
  30,640
  36,456
  42,865
  49,863
  57,438
  65,578
  74,270
  83,502
  93,260
  103,536
  114,321
  125,609
  137,400
  149,696
  162,500
  175,822
  189,674
  204,071
Total equity, $m
  435
  672
  1,005
  1,458
  2,056
  2,827
  3,795
  4,983
  6,412
  8,099
  10,057
  12,295
  14,820
  17,633
  20,733
  24,118
  27,781
  31,719
  35,923
  40,388
  45,108
  50,078
  55,294
  60,755
  66,458
  72,405
  78,598
  85,042
  91,741
  98,705
Total liabilities and equity, $m
  1,334
  2,061
  3,082
  4,472
  6,308
  8,672
  11,641
  15,285
  19,668
  24,843
  30,849
  37,715
  45,460
  54,089
  63,598
  73,981
  85,219
  97,297
  110,193
  123,890
  138,368
  153,614
  169,615
  186,364
  203,858
  222,101
  241,098
  260,864
  281,415
  302,776
Debt-to-equity ratio
  1.860
  1.930
  1.980
  2.000
  2.020
  2.040
  2.040
  2.050
  2.050
  2.060
  2.060
  2.060
  2.060
  2.060
  2.060
  2.060
  2.060
  2.060
  2.060
  2.070
  2.070
  2.070
  2.070
  2.070
  2.070
  2.070
  2.070
  2.070
  2.070
  2.070
Adjusted equity ratio
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -72
  -115
  -177
  -264
  -380
  -532
  -726
  -968
  -1,263
  -1,616
  -2,025
  -2,504
  -3,049
  -3,661
  -4,341
  -5,089
  -5,903
  -6,782
  -7,725
  -8,731
  -9,797
  -10,923
  -12,108
  -13,350
  -14,650
  -16,006
  -17,421
  -18,893
  -20,425
  -22,017
Depreciation, amort., depletion, $m
  8
  9
  12
  14
  18
  23
  29
  37
  46
  57
  64
  78
  95
  113
  132
  154
  177
  202
  229
  258
  288
  320
  353
  388
  424
  462
  502
  543
  585
  630
Funds from operations, $m
  -64
  -106
  -166
  -249
  -361
  -508
  -696
  -931
  -1,217
  -1,559
  -1,961
  -2,425
  -2,954
  -3,549
  -4,209
  -4,935
  -5,725
  -6,580
  -7,496
  -8,473
  -9,509
  -10,604
  -11,755
  -12,962
  -14,226
  -15,544
  -16,919
  -18,350
  -19,839
  -21,387
Change in working capital, $m
  -46
  -67
  -94
  -128
  -169
  -218
  -273
  -335
  -403
  -476
  -553
  -632
  -713
  -794
  -875
  -955
  -1,034
  -1,112
  -1,187
  -1,261
  -1,333
  -1,403
  -1,473
  -1,541
  -1,610
  -1,679
  -1,748
  -1,819
  -1,891
  -1,966
Cash from operations, $m
  -18
  -39
  -72
  -121
  -192
  -291
  -423
  -595
  -813
  -1,083
  -1,408
  -1,793
  -2,241
  -2,754
  -3,334
  -3,979
  -4,691
  -5,468
  -6,309
  -7,212
  -8,177
  -9,200
  -10,282
  -11,421
  -12,615
  -13,865
  -15,171
  -16,531
  -17,948
  -19,421
Maintenance CAPEX, $m
  -2
  -3
  -4
  -6
  -9
  -13
  -18
  -24
  -32
  -41
  -52
  -64
  -78
  -95
  -113
  -132
  -154
  -177
  -202
  -229
  -258
  -288
  -320
  -353
  -388
  -424
  -462
  -502
  -543
  -585
New CAPEX, $m
  -31
  -45
  -64
  -87
  -115
  -148
  -185
  -227
  -274
  -323
  -375
  -429
  -483
  -538
  -594
  -648
  -701
  -754
  -805
  -855
  -904
  -951
  -999
  -1,045
  -1,092
  -1,138
  -1,186
  -1,234
  -1,283
  -1,333
Cash from investing activities, $m
  -33
  -48
  -68
  -93
  -124
  -161
  -203
  -251
  -306
  -364
  -427
  -493
  -561
  -633
  -707
  -780
  -855
  -931
  -1,007
  -1,084
  -1,162
  -1,239
  -1,319
  -1,398
  -1,480
  -1,562
  -1,648
  -1,736
  -1,826
  -1,918
Free cash flow, $m
  -51
  -87
  -140
  -214
  -316
  -452
  -627
  -847
  -1,119
  -1,446
  -1,834
  -2,286
  -2,803
  -3,388
  -4,040
  -4,760
  -5,546
  -6,399
  -7,316
  -8,296
  -9,338
  -10,440
  -11,600
  -12,819
  -14,095
  -15,428
  -16,818
  -18,266
  -19,773
  -21,340
Issuance/(repayment) of debt, $m
  338
  490
  688
  937
  1,238
  1,593
  2,001
  2,456
  2,954
  3,487
  4,048
  4,628
  5,220
  5,816
  6,410
  6,997
  7,575
  8,140
  8,692
  9,232
  9,759
  10,275
  10,785
  11,289
  11,791
  12,295
  12,804
  13,322
  13,852
  14,397
Issuance/(repurchase) of shares, $m
  236
  352
  510
  717
  978
  1,302
  1,693
  2,156
  2,692
  3,302
  3,983
  4,742
  5,573
  6,474
  7,441
  8,473
  9,567
  10,719
  11,930
  13,196
  14,517
  15,893
  17,324
  18,810
  20,353
  21,953
  23,614
  25,337
  27,125
  28,981
Cash from financing (excl. dividends), $m  
  574
  842
  1,198
  1,654
  2,216
  2,895
  3,694
  4,612
  5,646
  6,789
  8,031
  9,370
  10,793
  12,290
  13,851
  15,470
  17,142
  18,859
  20,622
  22,428
  24,276
  26,168
  28,109
  30,099
  32,144
  34,248
  36,418
  38,659
  40,977
  43,378
Total cash flow (excl. dividends), $m
  523
  755
  1,058
  1,439
  1,900
  2,444
  3,068
  3,765
  4,527
  5,343
  6,197
  7,085
  7,990
  8,902
  9,811
  10,711
  11,595
  12,461
  13,306
  14,131
  14,938
  15,729
  16,508
  17,280
  18,049
  18,820
  19,600
  20,392
  21,204
  22,038
Retained Cash Flow (-), $m
  -236
  -352
  -510
  -717
  -978
  -1,302
  -1,693
  -2,156
  -2,692
  -3,302
  -3,983
  -4,742
  -5,573
  -6,474
  -7,441
  -8,473
  -9,567
  -10,719
  -11,930
  -13,196
  -14,517
  -15,893
  -17,324
  -18,810
  -20,353
  -21,953
  -23,614
  -25,337
  -27,125
  -28,981
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  287
  403
  548
  722
  922
  1,142
  1,374
  1,609
  1,835
  2,041
  2,214
  2,342
  2,417
  2,428
  2,370
  2,238
  2,029
  1,741
  1,376
  935
  421
  -164
  -816
  -1,530
  -2,304
  -3,133
  -4,014
  -4,944
  -5,921
  -6,943
Discount rate, %
  10.80
  11.34
  11.91
  12.50
  13.13
  13.78
  14.47
  15.20
  15.96
  16.75
  17.59
  18.47
  19.40
  20.37
  21.38
  22.45
  23.58
  24.75
  25.99
  27.29
  28.66
  30.09
  31.59
  33.17
  34.83
  36.57
  38.40
  40.32
  42.34
  44.45
PV of cash for distribution, $m
  259
  325
  391
  451
  498
  526
  534
  519
  484
  434
  372
  306
  241
  181
  130
  88
  56
  33
  17
  7
  2
  -1
  -1
  -2
  -1
  -1
  -1
  0
  0
  0
Current shareholders' claim on cash, %
  64.9
  43.2
  29.3
  20.3
  14.3
  10.3
  7.5
  5.5
  4.1
  3.1
  2.4
  1.9
  1.5
  1.1
  0.9
  0.7
  0.6
  0.5
  0.4
  0.3
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1
  0.0

Empire Resorts, Inc. is a holding company for various subsidiaries engaged in the hospitality and gaming industries. As of December 31, 2016, the Company, through Monticello Raceway Management, Inc. (MRMI), owned and operated Monticello Casino and Raceway, a 45,000 square foot video gaming machine (VGM) and harness horseracing facility located in Monticello, New York, approximately 90 miles northwest of New York City. The Company's Monticello Casino and Raceway includes VGM Operations and Raceway Operations. As of December 31, 2016, Monticello Casino and Raceway operated 1,110 VGMs, which included 1,070 video lottery terminals (VLTs) and 40 electronic table game positions (ETGs). ETGs include the games of roulette, blackjack and three-card poker. The Company, through its subsidiary, Montreign Operating Company, LLC, has a license to operate a resort casino (the Casino Project).

FINANCIAL RATIOS  of  Empire Resorts (NYNY)

Valuation Ratios
P/E Ratio -17.3
Price to Sales 6.2
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow -32
Price to Free Cash Flow -27.7
Growth Rates
Sales Growth Rate -1.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 100%
Cap. Spend. - 3 Yr. Gr. Rate -22.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -11.9%
Ret/ On Assets - 3 Yr. Avg. -46.2%
Return On Total Capital -14.8%
Ret/ On T. Cap. - 3 Yr. Avg. -64.5%
Return On Equity -17.2%
Return On Equity - 3 Yr. Avg. 190.6%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 19.4%
Gross Margin - 3 Yr. Avg. 18.5%
EBITDA Margin -34.3%
EBITDA Margin - 3 Yr. Avg. -39.9%
Operating Margin -35.8%
Oper. Margin - 3 Yr. Avg. -36.3%
Pre-Tax Margin -35.8%
Pre-Tax Margin - 3 Yr. Avg. -42.4%
Net Profit Margin -35.8%
Net Profit Margin - 3 Yr. Avg. -42.4%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

NYNY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NYNY stock intrinsic value calculation we used $65.851 million for the last fiscal year's total revenue generated by Empire Resorts. The default revenue input number comes from 0001 income statement of Empire Resorts. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our NYNY stock valuation model: a) initial revenue growth rate of 60% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 10.8%, whose default value for NYNY is calculated based on our internal credit rating of Empire Resorts, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Empire Resorts.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of NYNY stock the variable cost ratio is equal to 134.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for NYNY stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 8.2% for Empire Resorts.

Corporate tax rate of 27% is the nominal tax rate for Empire Resorts. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the NYNY stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for NYNY are equal to 79%.

Life of production assets of 51.2 years is the average useful life of capital assets used in Empire Resorts operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for NYNY is equal to -116.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $271.321 million for Empire Resorts - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 32.735 million for Empire Resorts is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Empire Resorts at the current share price and the inputted number of shares is $0.4 billion.

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COMPANY NEWS

▶ Closing Bell Ringer, May 1, 2018   [May-01-18 03:59PM  CNBC Videos]
▶ Empire Resorts cuts ribbon on latest New York casino   [Feb-08-18 02:45PM  American City Business Journals]
▶ ETFs with exposure to Empire Resorts, Inc. : May 19, 2017   [May-19-17 02:03PM  Capital Cube]
▶ ETFs with exposure to Empire Resorts, Inc. : May 8, 2017   [May-08-17 05:01PM  Capital Cube]
▶ No Joke: Empire Resorts Building Catskills Casino   [Nov-15-16 09:55AM  at Investopedia]

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