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Empire Resorts Obtains $10 Million Credit Facility

MONTICELLO, New York -- (PRESS RELEASE) -- Empire Resorts, Inc. (NASDAQ: NYNY) has obtained a secured credit facility to provide working capital for general corporate purposes and the continued predevelopment of future tribal gaming operations at Monticello Raceway, located in Sullivan County New York and other locations.

On January 11, 2005, Empire Resorts, Inc. ("Empire") consummated a $10,000,000 loan agreement with the Bank of Scotland. The loan is secured by a first mortgage on Monticello Raceway and approximately 200 acres of related land owned by Empire's subsidiary, Monticello Raceway Management Inc. It is guaranteed by Empire and its material current and future subsidiaries.

The loan bears interest, at the option of Empire, at a rate of prime plus 2% or Libor plus 4.00% and matures in two years -- with quarterly interest payments based on the amount outstanding.

Empire operates the Monticello Raceway and is involved in the development of other legal gaming venues in New York. Empire opened Mighty M Gaming at the Raceway site on June 30, 2004. The new facility features 1,743 video gaming machines and amenities such as a 350 seat buffet and live nightly entertainment. Together with the Cayuga Nation, Empire has announced plans to develop a $500 million "Class III" Native American casino and resort on a site adjacent to the Raceway. In addition, Empire has recently announced plans to develop a second casino and resort in the Catskills with the Seneca Cayuga Tribe of Oklahoma.

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