Empire Resorts to issue 4.2 million shares

LAS VEGAS, Nevada -- (PRESS RELEASE) -- Empire Resorts, Inc. (NASDAQ: NYNY) and LRC Acquisition LLC, an entity controlled by Louis Capelli, have entered into a Stock Purchase Agreement through which LRC will purchase 4.2 million shares of newly-issued Empire Resorts' common stock at a price of $1.233 per share. The agreement, which has been approved by Empire Resorts' board of directors, is subject to regulatory approval and is expected to close in the second quarter. Louis Capelli is also a Managing Member of Concord Associates, L.P., which currently owns 2.5 million shares of Empire Resorts' common stock.

"We appreciate the confidence Louis Capelli is placing in Empire Resorts and our ongoing plans to apply our gaming and hospitality expertise toward revitalizing the upstate economy. This transaction provides us with a cost-effective means of raising approximately $5.2 million in capital. We plan to use the proceeds for future development activities, including the development of the company's existing property at Monticello Raceway, and to support the working capital requirements of the company," said David P. Hanlon, chief executive officer of Empire Resorts.