Empire Resorts Implements Cost Cutting Program and Relocates Las Vegas Headquarters

Empire Resorts, Inc (NASDAQ: NYNY) today announced that it continues to implement its cost cutting program and is relocating its Las Vegas, NV headquarters to New York. The company also announced its Board of Directors has accepted the resignation of its President, CEO and Director David P. Hanlon, effective immediately. Chief Financial Officer Ronald Radcliffe has also tendered his resignation, effective June 30, 2009.

With the relocation of its Las Vegas headquarters, Mr. Hanlon and Mr. Radcliffe’s resignations, and the implementation of other cost-cutting measures the company expects to realize several million dollars a year as a result of significant savings in corporate payroll and other operational overhead. The Empire Resorts Board of Directors thanked Mr. Hanlon and Mr. Radcliffe for their tenures as CEO and CFO and wished them well in their future endeavors.

The company will be led by a special committee of the Board and Eric Reehl, its Chief Restructuring Officer, as it implements changes to maximize revenue and stakeholder value. The Board plans to explore a full range of options as it considers Mr. Hanlon’s and Radcliff’s successors.

About Empire Resorts, Inc.

Empire Resorts operates the Monticello Gaming & Raceway and is involved in the development of another gaming resort project in the Catskills. Additional information can be found at www.empireresorts.com.

Statements in this press release regarding the company's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties, including the need for regulatory and contractual approvals, financing and successful completion of construction. The company wishes to caution readers not to place undue reliance on such forward-looking statements, which statements are made pursuant to the Private Securities Litigation Reform Act of 1994, and as such, speak only as of the date made. To the extent the content of this press release includes forward-looking statements, they involve various risks and uncertainties including (i) the risk that the Company’s agreement with Concord Associates is not closed; (ii) the risk that financing necessary for the proposed project may not be able to be obtained because of credit factors, market conditions or other contingencies, (iii) the risk that regulatory or contractual approvals are not obtained, (iv) the risk of non-compliance by various counterparties of the related agreements, and (iv) general risks affecting the company as described from time to time in it's reports filed with the Securities and Exchange Commission. For a full discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the company's Annual Report or Form 10-K for the most recently ended fiscal year.