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Concord Associates Completes $225 Million Equity Financing

MONTICELLO, N.Y.-(Business Wire)-August 28, 2008 - Empire Resorts, Inc. (NASDAQ: NYNY) has been informed that its joint venture partner, Concord Associates L.P., has completed a $225 million equity loan financing with Entertainment Properties Trust (NYSE:EPR), a Kansas City-based Real Estate Investment Trust specializing in financing consumer-preferred high quality businesses including destination recreational properties. Together with Cappelli Enterprises’ investment in the project, this financing completes the equity of $300 million required under the new state legislation signed by Governor Paterson in July of this year.

Additionally, Empire Resorts has been informed that the County of Sullivan Industrial Development Agency, has announced the first major financing for the redevelopment of the proposed Concord Resort and Hotel in the Town of Thompson. The $300 million dollar IDA bond financing is integral to the total $1.1 billion dollar project.

David P. Hanlon, CEO of Empire Resorts, said, “The completion of this equity financing and the pending IDA financing mark two critical milestones for our company. We are hopeful that foundation building permits will be issued in the next few days with concrete work for the new hotel and convention center to begin almost immediately. Demolition of the former structures on the site, which began late spring, is complete.”

Louis R. Cappelli, Concord Associates managing member said, “Thanks to the completion of our equity financing and the Sullivan County IDA’s bold vision and action, the redevelopment of the Concord Resort took a major step toward becoming a reality. The economic incentives provided by the IDA combined with the closing of our equity financing will spur the long overdue revitalization of the Catskills.”

Plans for the new Concord Resort call for the construction of a 750-room hotel; approximately 300,000 square feet of casino, ballrooms, meeting rooms, retail, entertainment and other commercial uses; the relocation of Monticello Raceway to the property to be re-branded as Concord Downs; the development of a 125-room Hotel and Spa; and the reconstruction of the existing golf courses including “the Monster” to be branded by a world-renowned golf course designer. Negotiations by Concord Associates are currently underway to bring a themed hotel and indoor water park to the resort.

About Empire Resorts, Inc.

Empire Resorts operates the Monticello Gaming & Raceway and is involved in the development of other gaming and non-gaming resort projects in the Catskills. Additional information can be found at www.empiresorts.com.

About Cappelli Enterprises

Cappelli Enterprises is a leading real estate developer and general contractor in the Northeast. Headquartered in Valhalla, NY, the company has built more than 10 million square feet of mixed use, retail, waterfront, residential, office building, laboratory and parking facilities. Cappelli has been the driving force behind the dramatic revivals of downtown White Plains and downtown New Rochelle. In White Plains, the company’s developments include the highly successful 1 million-square-foot City Center complex including the sold-out Trump Tower, Westchester’s first luxury high-rise condominium and Renaissance Square, which features The Ritz-Carlton, Westchester hotel and the The Residences at The Ritz-Carlton, Westchester condominium towers. In downtown New Rochelle, Cappelli is developing Trump Plaza, a 34-story luxury condominium tower, and is in the final stages of city review for LeCount Square, a 1,150,000-square-foot mixed-use development featuring retail, office, residential and hotel uses. Cappelli is undertaking a $50 million reconfiguration of the New Roc City entertainment center into a major retail hub that will include Target and another national retail department store as anchor tenants. www.cappelli-inc.com

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 and contractual 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 Company’s proposed joint venture with Concord Associates is not completed or the Company is not able to develop a Class II casino at the joint venture property; (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 regulatory or contractual approvals are not obtained, (iv) the risk of non-compliance by various counterparties of the related agreements, and (iv) 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.

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