Empire Resorts, Inc. (NASDAQ:NYNY) – Breakout Rally

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NYNY - Google Finance" href="http://www.google.com/finance?q=NYNY">Empire Resorts, Inc. NYNY has staged a major breakout over the past few trading days. The stock has more than doubed from recent lows of 45c.

The following snippet from a general trading update that was published on NASDAQ's website provides the reason for the sudden breakout:

Empire Resorts ( NYNY ) is up after the Wall Street Journal reports that the Obama administration removed a hurdle for Indian tribes wanting to build casinos far from their ancestral land, setting the stage for new development. It said the Interior Department rescinded a Bush-era directive that said tribes could develop casinos off their reservations only if they were within commuting distance. The Bureau will return to a policy that considers off-reservation casinos on a case-by-case basis, the WSJ reports. The policy shift is poised to revive numerous plans for off-reservation casino projects, from the Columbus River George in Oregon to the Catskills, it said.

Empire Resorts, Inc. closed at $1.17 yesterday, making a 46% gain for the day.

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