Empire Resorts, Inc. and EPR Properties Announce Denial of Article 78 Petition

  Empire Resorts, Inc. and EPR Properties Announce Denial of Article 78
  Petition

Business Wire

MONTICELLO, N.Y. -- October 8, 2013

Empire Resorts, Inc. (NASDAQ-GM:NYNY)(“Empire”) and EPR Properties (NYSE:EPR)
("EPR") today announced that on October 2, 2013, the New York Supreme Court in
Sullivan County (the “Court”) denied in its entirety the Article 78 petition
(the “Petition”) filed by Louis Cappelli’s Concord Associates, L.P. (“CALP”)
on or about May 14, 2013. The Petition named the Town of Thompson and its Town
Board and Planning Board (collectively the “Thompson Parties”) and EPR’s
wholly owned subsidiary, EPT Concord II, LLC (“EPT”), as respondents.
Monticello Raceway Management, Inc. (“MRMI”), a wholly-owned subsidiary of
Empire, asked and received Intervenor/Respondent status in the proceeding in
light of its interest in the outcome of the matter.

In its Petition, CALP challenged the actions and determinations made by the
Thompson Parties regarding the phased development (the “Project”) of EPR’s
approximately 1,500 acres at the site of the former Concord Resort in Sullivan
County, New York (the “EPT Property”). EPR and MRMI envision MRMI developing a
comprehensive resort destination that includes a casino and a harness
racetrack and may also include one or more hotels, food and beverage outlets,
a spa facility, retail venues, space for conferences, meetings, entertainment
and special events in a multi-purpose conference space supported by separate
meeting rooms and parking facilities on a portion of the EPR Property (the
“Casino Project”). In addition to the Casino Project, the Project is expected
to include a golf course and a resort including a variety of amenities.

Emanuel Pearlman, Chairman of the Board of Empire Resorts stated, “We are
pleased with the Court’s decision to deny CALP’s petition, consequently
allowing us to stay on track as we finalize our resort destination plans which
we expect will create thousands of new jobs and economic activity in the
Mid-Hudson region of New York State.”

David Brain, President and CEO of EPR Properties stated, “We continue to see
positive decisions from both Federal and State Courts in our litigation with
CALP. We look forward to moving ahead with the development of this destination
resort.”

Next steps for the project include submitting detailed construction plans to
the Town, and securing remaining regulatory approvals, including approvals
from the U.S. Army Corps of Engineers and the New York State departments of
Environmental Conservation, Transportation, and Health, prior to the
commencement of construction.

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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