Empire Resorts, Inc. Announces $10,000,000 Secured Credit Facility

Business Wire, Jan 13, 2005

MONTICELLO, N.Y. -- 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.

About Empire Resorts

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.

Statements in this press release regarding the company's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties, including the need for regulatory approvals, financing and successful completion of construction. The company wishes to caution readers not to place undue reliance on such forward-looking statements, which statements are made pursuant to the Private Securities Litigation Reform Act of 1994, and as such, speak only as of the date made. To the extent the content of this press release includes forward-looking statements, they involve various risks and uncertainties including (i) the risk that the various approvals necessary as described herein and other approvals required to be obtained from the United States Congress, the Bureau of Indian Affairs, the National Indian Gaming Regulatory Commission, the Governor of the State of New York and various other federal, State and local governmental entities are not received, (ii) the risk that financing necessary for the proposed programs or projects may not be able to be obtained because of credit factors, market conditions or other contingencies, (iii) the risk that sovereign Native American governments may exercise certain broad rights with regard to termination of its agreements with the company (iv) the risk of non-compliance by various counterparties of the related agreements, and (v) general risks affecting the company as described from time to time in it's reports filed with the Securities and Exchange Commission. For a full discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the company's Annual Report or Form 10-K for the most recently ended fiscal year.