 In 2003, Berman restructured Alpha Hospitality after principal shareholders of the Bryanston Group (Alpha Hopitality’s controlling shareholder) were indicted on tax-related charges.Berman restored financial stability by selling off non-essential gaming assets and merging the company with Catskill Development LLC, which led to the creation of Empire Resorts that same year.During this time Berman also arranged for Empire Resorts to sell common stock through Jefferies Group.