Monticello - Empire Resorts reported steep losses in 2008 at its struggling Monticello racino, and company officials now say that bankruptcy could be looming. The owner of the Monticello Gaming & Raceway reported a net loss applicable to common shares of USD 12.2 million for 2008, compared with a loss of USD 26.2 million in 2007. Empire executives say the company's immediate future is in the hands of its creditors.