Concord Group Files to Exercise 2.5 Million Empire Resorts Options.

- Company to Receive $18.75 Million Cash Infusion -

LAS VEGAS -- Empire Resorts, Inc. (NASDAQ: NYNY) and Concord Associates Limited Partnership ("Concord Associates") have agreed to an amendment to the Option Agreement with Concord Associates, pursuant to which Concord Associates has exercised options for 2.5 million shares of the Company's stock for an aggregate cash consideration of $18.75 million to be paid by January 31, 2007. In addition, Concord Associates will retain the right to exercise options for an additional 1.0 million shares of the Company's stock until December 27, 2007. The exercise of these options represents a modification to the letter agreement, dated December 30, 2005, related to the termination of the plans by the Company to acquire the Concord and Grossinger's resorts in Sullivan County, New York.

"We want to thank Concord Associates for working with us to modify the terms of the Options Agreement," said David P. Hanlon, Empire's President and CEO. "With this amended options agreement, we are receiving a significant cash infusion on favorable terms relative to alternative financing options and reducing the total number of fully diluted shares outstanding. These funds will be used to support our growth opportunities including the ongoing approvals and development planning related to the St. Regis Mohawk Casino at Monticello Raceway as well as the development of other gaming management opportunities outside of New York State."

Regarding the development of the St. Regis Mohawk Casino at Monticello Raceway, located just 90 miles north of New York City, the company recently announced that the Department of the Interior had deemed the Final Environmental Assessment (FEA) sufficient and as such no Environmental Impact Study (EIS) will be required. The Bureau of Indian Affairs has issued a Finding of No Significant Impact (FONSI) related to the proposed federal action approving the Tribe's request to take 29.3 acres into trust for the purpose of building a Class III gaming facility, in accordance with the Indian Gaming Regulatory Act of 1988.

Mr. Hanlon concluded, "Today's announcement, as well as last week decision by the Department of the Interior to issue the FONSI, are welcomed events for the company. Much work remains, including securing Governor Spitzer's concurrence before the federal regulatory environment changes. We remain hopeful that his prior public support for Native American gaming in the Catskills, coupled with an increasing understanding of the unique approvals that are currently in-hand, will result in his wanting to 'lock-in' the approvals before the federal government curtails or eliminates opportunities for Tribes to conduct off-reservation gaming."

About Empire Resorts, Inc.

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. This facility features over 1,500 video gaming machines and amenities such as a 350-seat buffet and live entertainment. Empire is also working to develop a $500 million "Class III" Native American casino and resort on a site adjacent to the Raceway and other gaming and non-gaming resort projects in the Catskills region and other areas.

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.