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Cayuga-Catskill Resort Plan Clears Hurdle

MONTICELLO, New York -- (PRESS RELEASE) -- Empire Resorts, Inc. (NASDAQ: NYNY) today announced a key project objective has been reached as New York State Governor George E. Pataki and the Cayuga Nation of New York (the "Cayuga Nation") have signed a Memorandum of Understanding (MOU) that contains key provisions affecting the development of the Cayuga Catskill Resort. The Company is developing the resort with the Cayuga Nation. It is scheduled to include a "Class III" Native American casino to be located on a 30 acre parcel of land adjacent to Monticello Raceway, in Sullivan County New York -- just 90 minutes from New York City.

The MOU provides for the Cayuga Nation and New York State to enter into a gaming compact that will authorize the Nation to operate a Class III gaming facility at the Monticello Raceway in the Catskills region of New York once the subject land is taken into trust for the benefit of the Cayuga Nation. The MOU provides for settlement of a decades old land claim against the State of New York. A target of September 30, 2004 has been established for the implementation of all necessary approvals, including appropriate federal and State legislation.

The MOU also provides for a monetary settlement and grants the Cayuga Nation the right to acquire sovereignty through purchases on the open market of a 10,000 acre area on the shores of Lake Cayuga in the Finger Lakes region of New York in exchange for the settlement of certain claims of the Cayuga Nation against the State of New York. Pursuant to the MOU, federal environmental and international building code standards will apply to Cayuga Nation lands, mitigation payments are to be made to certain local communities and tax parity compacts are to be entered into.

Robert Berman, Chief Executive Officer of the Company noted that the new agreement underscored the importance of the project to both the Cayuga Nation and the State of New York. "The negotiations on the settlement of this land claim have engendered a new positive spirit on the part of both parties. The agreement will provide essential support from the State of New York for the approvals necessary to make the Cayuga Catskill Resort a reality. We are very grateful for the spirit of cooperation that this settlement has engendered and expect it to be a major factor in mobilizing the approvals and resources necessary to move into the final stages of the development process."

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