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Empire Resorts Announces Exclusivity Agreement With Entertainment Properties Trust And MSEG LLC

Stocks in this article: EPR NYNY

The first paragraph, second sentence of release dated April 12, 2011 should read: Empire owns and operates Monticello Casino and Raceway and EPR is the sole owner of Concord EPT, comprising 1,500 acres located at the site of the former Concord Resort (instead of Concord hotel).

The corrected release reads:

EMPIRE RESORTS ANNOUNCES EXCLUSIVITY AGREEMENT WITH ENTERTAINMENT PROPERTIES TRUST AND MSEG LLC

Empire Resorts, Inc., (NASDAQ: NYNY) (Empire) today announced it has executed an exclusivity agreement with Entertainment Properties Trust (NYSE: EPR) and MSEG LLC to exclusively explore the joint development of the companies’ respective properties located in Sullivan County, New York. Empire owns and operates Monticello Casino and Raceway and EPR is the sole owner of Concord EPT, comprising 1,500 acres located at the site of the former Concord Resort.

The agreement commits the respective parties to work together exclusively for six months to explore development opportunities of both properties and transaction structures evaluating financial, legal, tax and other considerations. If no mutually agreeable term sheet has been executed by the parties within sixty days, the agreement will be terminable by any party.

About Entertainment Properties Trust

Entertainment Properties Trust (NYSE:EPR) is a specialty real estate investment trust (REIT) that invests in properties in select categories which require unique industry knowledge, while offering the potential for stable and attractive returns. The company’s total assets exceed $2.9 billion and include megaplex movie theatres and adjacent retail, public charter schools and other destination recreational and specialty investments. For more information, please visit www.eprkc.com.

About MSEG LLC

MSEG LLC is a real estate development and management company which concentrates on properties in the sports, entertainment and hospitality industry. MSEG LLC has been selected by the City of Davenport as the developer of the new land based casino in Davenport, Iowa. MSEG LLC is also involved in the ownership and operation of the Lake Erie Crushers in Avon, Ohio. The Crushers are a professional minor league baseball team that plays in the Independent Frontier Baseball League.

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