Empire Resorts and EPR Properties Sign New Option Agreement

  Empire Resorts and EPR Properties Sign New Option Agreement

            New Agreement Provides for Rapid Development Potential

Business Wire

MONTICELLO, N.Y. -- September 3, 2013

Empire Resorts, Inc. (NASDAQ-GM: NYNY) ("Empire") and EPR Properties
(NYSE:EPR) ("EPR") today announced that their respective subsidiaries,
Monticello Raceway Management, Inc. (“MRMI”) and EPT Concord II, LLC (“EPT”)
have agreed to amend an option agreement between MRMI and EPT (the “Option
Agreement”) in which EPT granted MRMI the right to lease certain property held
by EPT at the site of the former Concord Resort in Sullivan County, New York,
on which the parties have planned to develop a regional destination casino
resort, hotel and harness racetrack.

Emanuel Pearlman, Chairman of the Board of Empire Resorts, stated, “We are
pleased to enter into this Option Agreement with EPR further enhancing the
relationship between our Companies. Importantly, the Option Agreement provides
the flexibility required to accommodate any outcome of the November 2013 New
York State Constitution Amendment referendum. Consequently, we are
well-positioned to provide upstate New York with desperately needed economic
development and jobs.”

David Brain, President and CEO of EPR Properties, stated, “This new Option
Agreement allows us to be responsive to the outcomes of the New York State
Constitution Amendment referendum, and enables maximum utilization of our
existing land investment in Sullivan County.”

Based on the amendment, MRMI’s option to lease the property is extended to
various dates in the future based upon whether or not the amendment to the New
York State Constitution authorizing up to seven non-tribal casinos is approved
by voters at the November 2013 referendum. MRMI may extend the term of the
Option Agreement on a monthly basis, by paying monthly fees that escalate
annually, until a future date based upon certain trigger events.

The Option Agreement marks another milestone for the project, including
adoption of a comprehensive final site development plan for Phase 1 of the
project by the Town of Thompson on July 10, 2013. Empire has also signed a
Project Labor Agreement with the Hudson Valley Building & Construction Trades
Council, as well as an executed Labor Peace Agreement with the New York Hotel
and Motel Trades Council.

Phase 1 of the Concord Resort project includes a casino resort with a hotel,
harness horse racetrack, grandstand/showroom, simulcast facility, banquet
event center, restaurants, parking facilities, and infrastructure components
that are critical to support the overall success of the Project. It is also
anticipated that site plan approvals for both the Golf Phase and select
components of the Entertainment Village Phase will be obtained in the coming
months. The combined economic impact of these phases will create over 1,000
new full-time equivalent jobs at the site. The direct effect on the local
economy from this initial phase is estimated at approximately $290 million
annually. For Sullivan County the total annual economic activity expected to
result from the initial phase of operations alone is estimated at $395
million.

About EPR Properties

EPR Properties is a specialty real estate investment trust (REIT) that invests
in properties in select market segments which require unique industry
knowledge, while offering the potential for stable and attractive returns. Our
total investments exceed $3.2 billion and our primary investment segments are
Entertainment, Recreation and Education. We adhere to rigorous underwriting
and investing criteria centered on key industry and property level cash flow
standards. We believe our focused niche approach provides a competitive
advantage, and the potential for higher growth and better yields. Further
information is available at www.eprkc.com.

About Empire Resorts

Empire Resorts owns and operates, through its subsidiary Monticello Raceway
Management, Inc., the Monticello Casino & Raceway, a harness racing track and
casino located in Monticello, New York, and is 90 miles from midtown
Manhattan. For additional information, please visit www.empireresorts.com.

Cautionary Statement Regarding Forward-Looking Information

Statements in this press release regarding the company’s business 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 1994, 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 Annual
Report on Form 10-K for the most recently ended fiscal year, as amended, as
well as the company’s Quarterly Report on Form 10-Q for the most recently
ended fiscal quarter.

Contact:

EPR Properties
Brian Moriarty, 888-EPR-REIT
brianm@eprkc.com
or
Empire Resorts, Inc.
Charles Degliomini, 845-807-0001
cdegliomini@empireresorts.com
 
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