|Empire Resorts to Issue 4.2 Million Shares in Stock Purchase Agreement|
LAS VEGAS--(BUSINESS WIRE)--April 2, 2008--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.
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.
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 Company's proposed joint venture with Concord Associates is not completed or the Company is not able to develop a Class II or Class III casino; (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 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.
CONTACT: Empire Resorts: