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Empire Resorts announces retirement of CEO

2 June 2017

(PRESS RELEASE) -- Empire Resorts, Inc. announced that its Chief Executive Officer Joseph D'Amato has retired from the Company and the Board of Directors, effective immediately.

The Company also announced that its current President and Chief Operating Officer Ryan Eller has been appointed CEO and will retain the title of President. In his new role, Mr. Eller will lead Empire in fulfilling the vision of Resorts World Catskills as the preeminent destination for gaming and tourism in the Northeast.

"It has been my great pleasure to work with Joe D'Amato for the past seven years," said Emanuel Pearlman, Executive Chairman of Empire Resorts. "Joe has been an essential member of the Empire family since 2009 and worked tirelessly to help ensure the Company was awarded a gaming facility license to develop and operate a resort casino in the Town of Thompson in Sullivan County. He has led by example throughout his tenure, and we wish him all of the best for a successful retirement following a distinguished and successful 47-year career."

"It is truly a privilege to assume the role of CEO," said Mr. Eller. "I would like to thank Joe for his leadership which has enabled me to inherit an outstanding team and a project that will be well-positioned to be one of the nation's most exciting new resort casinos."

Mr. Pearlman added, "To assist in the transition, Joe will continue as a consultant to the Company for the next year as we prepare for the opening of Resorts World Catskills. While we are sorry to see Joe leave the company as a permanent member of the team, we're fortunate to have Ryan's talent and knowledge as he undertakes the CEO responsibilities."

Last month, a subsidiary of Empire entered into a license agreement to rebrand the resort casino, formerly referred to as Montreign Resort Casino, as a Resorts World property. The Resorts World brand was established by leaders of the Genting Group, a multi-national conglomerate that includes a highly-regarded resort and casino industry leader. The internationally-recognized Resorts World hospitality and casino brand is applied to properties located around the world, including integrated destination resorts located in Kuala Lumpur, Malaysia; Singapore; Bimini, Bahamas; Manila, Philippines; Birmingham, England; New York City, New York; and the newest property currently under construction in Las Vegas, Nevada.

Resorts World Catskills was chosen as the name for the resort casino following market research regarding the rebranding. The name Resorts World Catskills pays homage to the Catskills region of New York, where Sullivan County is located. The Catskills region, which is comprised of Sullivan, Ulster, Greene and Delaware counties, is known for its crisp mountain air and fresh food, and has traditionally served as a year-round resort destination of choice for New York residents.

Resorts World Catskills is expected to open in March 2018.

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