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  "notes": "The slide compares two distinct financial models for Empire Resorts, showing the impact of a management agreement on cash position.",
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      "text": "Near-term liquidity summaries exclude the impact of a new VLT facility and downstate casino openings",
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      "text": "MANAGEMENT BASE CASE: EBITDA projected to increase from ~$4mm ('19E) to ~$37mm ('23E); Labor reduction initiatives; Marketing expenses drop; Retail Sportsbook ramp up; Online Sportsbook contribution.",
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      "text": "BASE CASE + MANAGEMENT AGREEMENT CASE: Management Agreement with RWNY; Incremental gross revenues; Additional labor savings; Operating payment to RWNY; Expenses held constant.",
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