Concord Associates completes loan financing

MONTICELLO, New York -- (PRESS RELEASE) -- 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.