Empire Resorts, Inc.’s Largest Stockholder Exercises Basic Subscription Rights in Rights Offering

  Empire Resorts, Inc.’s Largest Stockholder Exercises Basic Subscription
  Rights in Rights Offering

                       $6.9 Million Proceeds to Company

Business Wire

MONTICELLO, N.Y. -- May 13, 2013

Empire Resorts, Inc. (NASDAQ-GM:NYNY) announced that Kien Huat Realty III
Limited (“Kien Huat”), the Company’s largest stockholder, exercised the basic
subscription rights it was granted in the Company’s ongoing rights offering on
Friday, May 10, 2013. Such exercise generated approximately $6.9 million of
proceeds to the Company.

In accordance with a standby purchase agreement executed by the Company and
Kien Huat in relation to the rights offering, Kien Huat has further agreed it
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 prior to the commencement of the rights
offering. The Company will pay Kien Huat a commitment fee of $40,000 for the
shares purchased by Kien Huat in excess of its basic subscription rights
pursuant to the standby purchase agreement. In addition, the Company will
reimburse Kien Huat for its expenses related to the standby purchase agreement
in an amount not to exceed $40,000. The consummation of the transactions
contemplated by the standby purchase agreement is subject to customary closing

The Company distributed 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. Holders of rights may exercise their subscription rights to
purchase additional shares of our common stock at the subscription price per
share until prior to 5:00 p.m., New York City time, on May 30, 2013.
Subscription rights not exercised by such time and date will expire and have
no value.

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)

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 final
prospectus relating to the rights offering, dated April 30, 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


Empire Resorts, Inc.
Charles Degliomini, 845-807-0001
Press spacebar to pause and continue. Press esc to stop.