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Empire Resorts’ Largest Stockholder Exercises Portion of Basic Subscription Rights in Rights Offering

Approximately $30 Million Gross Proceeds to Company

MONTICELLO, N.Y.--(BUSINESS WIRE)--Jan. 14, 2016-- Empire Resorts, Inc. (NASDAQ-GM:NYNY) announced that Kien Huat Realty III Limited (“Kien Huat”), the Company’s largest stockholder, exercised a portion of the basic subscription rights it was granted in the Company’s ongoing rights offering on Thursday, January 14, 2016 at $14.40 per share. Such exercise generated approximately $30 million of gross proceeds to the Company.

In accordance with a standby purchase agreement executed by the Company and Kien Huat in relation to the rights offering, Kien Huat has agreed it would exercise the remainder of its basic subscription rights prior to the expiration of the rights offering. In addition, Kien Huat has further agreed it would exercise all rights not otherwise exercised by the other holders in the rights offering in an aggregate amount not to exceed $290 million. The Company will pay Kien Huat a commitment fee of $1,450,000 pursuant to the standby purchase agreement. In addition, the Company will reimburse Kien Huat for its expenses related to the standby purchase agreement in an amount not to exceed $50,000. The consummation of the transactions contemplated by the standby purchase agreement is subject to customary closing conditions.

The Company distributed to its common stock holders and Series B Preferred Stock holders one transferable right to purchase one share of common stock at a subscription price of $14.40 per share for each 0.4748644 shares of common stock owned, or into which their Series B Preferred Stock was convertible, on January 4, 2016, the record date for the offering. The subscription rights are listed for trading on the Nasdaq Global Market under the symbol “NYNYR” and we expect such listing to continue until February 10, 2016 unless the rights offering is terminated or extended.

If a holder of subscription rights fully exercises its basic subscription rights (including in respect of subscription rights transferred from others), such holders may oversubscribe for additional shares of common stock. Holders of rights may exercise their subscription rights to purchase shares of our common stock at the subscription price per share until prior to 5:00 p.m., New York City time, on February 10, 2016, subject to extension and earlier termination. Subscription rights not exercised by such time and date will expire and have no value.

Registration Statement

The Company has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Company has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the Company or our information agent, Morrow & Co., LLC, will arrange to send you the prospectus if you request it by calling (855) 201-1081.

Cautionary Statement Regarding Forward Looking Information

Statements in this press release that are not historical facts are “forward-looking statements” that may involve material risks and uncertainties. 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 1995, and as such, speak only as of the date made. For a full discussion of 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 registration statement on Form S-3 and the prospectus relating to the rights offering, dated January 4, 2016.

About Empire Resorts

Empire Resorts owns and operates, through its subsidiary Monticello Raceway Management, Inc., the Monticello Casino & Raceway, a harness racing track and casino located in Monticello, New York, and is 90 miles from midtown Manhattan. Further information is available at www.empireresorts.com and www.monticellocasinoandraceway.com.

As a result of the award of a gaming facility license from the New York State Gaming Commission, the Company, through its subsidiary Montreign Operating Company, LLC, will begin construction of Montreign Resort Casino – an 18-story casino, hotel and entertainment complex with approximately 102 table games, 2,150 state of the art slot machines and 332 luxury rooms, which includes 12 penthouse suites, 8 garden suites and 7 two-story villas, designed to meet 5-star and 5-diamond standards. For additional information, please visit www.montreign.com.

Source: Empire Resorts, Inc.

Empire Resorts, Inc.
Charles Degliomini, 845-807-0001