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Empire Resorts Files Registration Statement for Planned Rights Offering

  Empire Resorts Files Registration Statement for Planned Rights Offering

                            $11.4 Million Offering

Business Wire

MONTICELLO, N.Y. -- April 4, 2013

Empire Resorts, Inc. (NASDAQ-GM:NYNY) today announced that it plans to
commence a rights offering of common stock to the holders of its common stock
and Series B Preferred Stock, which, if fully subscribed, will produce gross
proceeds to the Company of approximately $11.4 million. The Company expects to
utilize the estimated net proceeds of the rights offering of approximately
$11.1 million to fund certain costs of its development project at the site of
the former Concord Resort in Sullivan County, New York, which costs may
include permitting, infrastructure and shared master planning costs and
expenses, and for general corporate working capital purposes.

The Company has also reached an agreement in principle with Kien Huat Realty
III Limited (“Kien Huat”), the Company’s largest stockholder, for the
execution of a standby purchase agreement, whereby Kien Huat would exercise
the subscription rights it receives pursuant to the rights offering within ten
days of grant. In addition, Kien Huat would exercise all rights not otherwise
exercised by the other holders in the rights offering to acquire up to one
share less than 20% of the Company’s issued and outstanding common stock on
the date of such purchase. However, such agreement in principal is not binding
and Kien Huat is not legally obligated to exercise such rights until a standby
purchase agreement is executed by the parties.

The Company filed on April 3, 2013 with the Securities and Exchange Commission
a registration statement covering the transaction and the distribution of
rights and commencement of the rights offering is expected to occur promptly
following the effectiveness of that registration statement.

The Company plans to distribute to its common stock holders and Series B
Preferred Stock holders one non-transferable right to purchase one share of
common stock at a subscription price of $1.8901 per share for each five shares
of common stock owned, or into which their Series B Preferred Stock is
convertible, on April 8, 2013, the record date for the offering. In addition
to being able to purchase their pro rata portion of the shares offered based
on their ownership as of April 8, 2013, stockholders may oversubscribe for
additional shares of common stock.

Registration Statement

The Company has filed a registration statement (including a prospectus) with
the SEC for the offering to which this communication relates. Before you
invest, you should read the prospectus in that registration statement and
other documents the Company has filed with the SEC for more complete
information about the issuer and this offering. You may get these documents
for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively,
the Company or our information agent, MacKenzie Partners, Inc., will arrange
to send you the prospectus if you request it by calling toll-free (800)
322-2285.

Cautionary Statement Regarding Forward Looking Information

Statements in this press release that are not historical facts are
“forward-looking statements” that may involve material risks and
uncertainties. 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 1995, and as such,
speak only as of the date made. For a full discussion of 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
Registration Statement on Form S-1, filed with the Securities and Exchange
Commission on April 3, 2013.

About Empire

Empire Resorts, Inc. owns and operates, through its subsidiary Monticello
Raceway Management, Inc., the Monticello Casino and Raceway, a harness racing
track and casino located in Monticello, New York, and is 90 miles from midtown
Manhattan.

Contact:

Empire Resorts, Inc.
Charles Degliomini, 845-807-0001
cdegliomini@empireresorts.com
 
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