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Empire Resorts Advances on Monticello Raceway Project

MONTICELLO, New York – (Press Release) -- Empire Resorts, Inc. (Nasdaq: NYNY) today announced that it had completed the consolidation of operating and development rights with respect to Monticello Raceway. The Company closed a previously announced acquisition of interests from Catskill Development, L.L.C. ("Catskill"), Americas Tower Partners, BKB, L.L.C. and their respective affiliates (together with Catskill, the "Sellers"), gaining complete control of companies with projects in which it had previously held only a minority interest.

In connection with the transaction, the Company acquired 100% of the Sellers' interests in (1) the existing harness racing operations at Monticello Raceway in New York, (2) the development and management of the proposed Cayuga Catskills Resort, a Class III casino to be developed and managed by the Company on behalf of the Cayuga Nation of New York on a site adjoining the raceway, and (3) the development and operation of 1,800 video gaming machines (VGM's) recently approved by the State of New York Lottery Commission to be installed at the raceway. An application with respect to the proposed casino is pending before the Bureau of Indian Affairs, U. S. Department of Interior. The company plans to proceed with the installation of the VGMs for the NY Lottery. Design of the facilities has been completed and the Company will work to complete the financing and construction of the facilities, with completion currently anticipated by the second quarter of 2004.

Robert Berman, CEO of Empire Resorts, observed, "Completing this transaction is a significant milestone for the Company. Reaction to the planned consolidation has been very positive and now we have made it a reality. These projects have already benefited from the more straightforward management structure that has been put in place in anticipation of the consolidation. Now, we will be able to execute directly on our plans to develop Monticello Raceway into a multi-dimensional gaming location. The Raceway has been in operation as a harness track for over 40 years and because of its close proximity to the New York City metropolitan area, it provides an ideal venue for development of gaming operations in New York."

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