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Empire Resorts Announces Plans For Rights Offering To Stockholders

Empire Resorts, Inc. (NASDAQ: NYNY) (the “Company” or “Empire Resorts”) today announced that it has filed a registration statement on Form S-1 with the Securities and Exchange Commission (the “SEC”) for a rights offering to existing holders of its common stock, par value $0.01 per share, and Series B Preferred Stock, par value $0.01 per share. Assuming the rights offering is fully subscribed, Empire Resorts will receive gross proceeds of approximately $35 million, less expenses of the rights offering.

The rights offering will be made through the distribution of non-transferable subscription rights to purchase shares of the Company’s common stock at a subscription price of $0.8837 per share. The record date for the distribution of the rights and the dates for both the subscription period and the expiration of the rights offering will be included in the final prospectus.

The purpose of this rights offering is to raise equity capital in a cost-effective manner that gives Empire Resorts’ stockholders the opportunity to participate. The net proceeds will be used to repay all or a portion of the Company’s outstanding indebtedness in the aggregate principal amount of $35 million, together with interest accrued thereon, under the Company’s bridge loan agreement, dated as of November 17, 2010, with Kien Huat Realty III Limited (“Kien Huat”), Empire Resorts’ largest stockholder.

The rights offering includes an oversubscription privilege which permits each rights holder that exercises its rights in full to purchase additional shares of common stock that remain unsubscribed at the expiration of the offering. This oversubscription privilege is subject to the availability and allocation of shares among holders exercising this oversubscription privilege, as further described in the rights offering documents.

The rights offering is being made to Kien Huat in reliance on an exemption from the registration requirements of the Securities Act of 1933, as amended. Shares issued in respect of its participation in the rights offering are not covered by the registration statement relating to the rights offering. Kien Huat is not soliciting participation by the holders of rights in the rights offering or engaging in any other marketing or sales activity in connection therewith.

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