Empire Resorts to Issue 4.2 Million Shares in Stock Purchase Agreement

  
    
  
  
    
      Empire Resorts, Inc. (NASDAQ: NYNY) and LRC Acquisition LLC, an entity 
      controlled by Louis Capelli, have entered into a Stock Purchase 
      Agreement through which LRC will purchase 4.2 million shares of 
      newly-issued Empire Resorts’ common stock at a 
      price of $1.233 per share. The agreement, which has been approved by 
      Empire Resorts’ board of directors, is subject 
      to regulatory approval and is expected to close in the second quarter. 
      Louis Capelli is also a Managing Member of Concord Associates, L.P., 
      which currently owns 2.5 million shares of Empire Resorts’ 
      common stock.
    
    
      “We appreciate the confidence Louis Capelli is 
      placing in Empire Resorts and our ongoing plans to apply our gaming and 
      hospitality expertise toward revitalizing the upstate economy. This 
      transaction provides us with a cost-effective means of raising 
      approximately $5.2 million in capital. We plan to use the proceeds for 
      future development activities, including the development of the company’s 
      existing property at Monticello Raceway, and to support the working 
      capital requirements of the company,” said 
      David P. Hanlon, chief executive officer of Empire Resorts.
    
    
      About Empire Resorts, Inc.
    
    
      Empire Resorts operates the Monticello Gaming & Raceway and is involved 
      in the development of other gaming and non-gaming resort projects in the 
      Catskills. Additional information can be found at www.empiresorts.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 
      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 
      proposed joint venture with Concord Associates is not completed or the 
      Company is not able to develop a Class II or Class III casino; (ii) the 
      risk that financing necessary for the proposed programs or projects may 
      not be able to be obtained because of credit factors, market conditions 
      or other contingencies, (iii) 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.