Empire Resorts Announces New Video Gaming Machine Revenue Formula Becomes State Law

4/13/2005 9:01:07 AM

MONTICELLO, N.Y., Apr 13, 2005 -- Empire Resorts Incorporated ("Empire") (NYNY) announced today that the pending legislation providing relief to the video gaming machine "VGM" industry in NY State, including the Company's operation Mighty M Gaming at Monticello Raceway, was passed into law. The legislation changes the vendor fees which are based on net VGM revenues to 32% of the first fifty million and 29% of the next one hundred million of such revenues. The new law also provides for an additional marketing allowance of 8% of the first one hundred million of net VGM revenues.

Empire CEO Robert Berman stated, "The passage of this new revenue formula is an important event for our company. This new structure will put us on a better footing and give us the resources we need to optimize our business model by expanding our marketing efforts." Berman thanked New York State leaders for their support for making the VGM bill a part of this year's historic on-time budget.

Since the inception of the Company's VGM operation on June 30, 2004, through March 31, 2005, Mighty M Gaming at the Monticello Raceway has had over 1,000,000 visitors and recorded VGM revenues in excess of $45,000,000.

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 facility features 1,718 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.

SOURCE: Empire Resorts Incorporated

Empire Resorts, Inc.
Charles A. Degliomini, 845-807-0001
cdegliomini@empireresorts.com