Company Positions Itself for Launch of Phase I Gaming Venture This Summer

MONTICELLO, N.Y.--(BUSINESS WIRE)-February 2, 2004 - Empire Resorts, Inc. (the "Company") (Nasdaq: NYNY - NEWS) today announced that it has sold 4,050,000 shares of common stock in a private placement for approximately $30 million. Funds raised under the offering are to be used for the development of a video gaming facility at Monticello Raceway and to pay transaction costs and for general corporate purposes. Jefferies & Company, Inc. served as placement agent for the transaction.

The offer and sale of the securities being sold by the Company in the private placement have not been and will not be registered under the Securities Act of 1933, as amended, and may not be offered or sold absent registration, unless an exemption from applicable registration requirements is available. However, the Company has agreed to file a registration statement with the Securities and Exchange Commission to permit resales of the shares of common stock sold in the private placement. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.

Empire Resorts' CEO Robert Berman stated, "We were very pleased by the reception that the Company received from institutional investors. The successful completion of this transaction provides the funds that we need to complete Phase I of our new gaming facilities at Monticello Raceway as early as this summer. Our construction contracts are signed and work is scheduled to begin immediately."

Located just 90 miles north of New York City in Sullivan County, NY, Monticello Raceway is authorized by the State of New York to operate 1,800 video gaming machines. Completion of the facilities for these terminals is Phase I of the Company's plans to develop Monticello Raceway into a multi-dimensional gaming destination and resort. The facilities are designed to include gaming areas, dining and entertainment areas and a refurbished area for off track racing and wagering. The Lottery's new video gaming machines will feature many of the same games avid players have come to know from their trips to Atlantic City, Connecticut and Las Vegas.

Empire Resorts' President Morad Tahbaz added, "In order to be sure that we construct a first rate gaming establishment, Empire Resorts has hired the Fluor Corporation (NYSE: FLR -NEWS) to be the project's construction manager." Fluor is one of the world's largest, publicly owned engineering, procurement, construction, and maintenance services organizations. "Fluor is excited to get under way with the construction for Phase I of Empire Resorts' new gaming facility and is eagerly anticipating the construction of Phase II, the adjacent Cayuga Catskill Resort," said S. James Busam, an executive Director of sales at Fluor.

In partnership with the Cayuga Nation of New York, Empire's Phase II plans include the construction and operation of the Cayuga Catskill Resort adjacent to the Raceway. This $500 million casino resort is designed to include 3,000 slot machines, 200 table games, six restaurants, retail shops, and a 600-person show lounge when it opens. Construction is expected to begin immediately upon final approval by the Bureau of Indian Affairs and with the successful completion of a Cayuga Nation compact with the State of New York.

In conjunction with the commencement of Empire Resorts' Phase I construction plans, Empire Resorts' Vice President Charles Degliomini announced that the company has launched a new corporate web site. www.empireresorts.com will have an opt-in feature for investors interested in instant e-mail news and information about the company.

About Empire Resorts, Inc.

Empire Resorts, Inc (NASDAQ: NYNY) is involved in the operations and development of gaming activities in New York. It currently operates Monticello Raceway, a harness track in the Catskills area of New York, and is working to develop it into a multi-dimensional gaming resort, including horse racing, video lottery terminals and a Native American casino, to be known as the Cayuga Catskills Resort. The New York State Lottery has approved the raceway as a site for the installation of 1,800 VGM's. Construction is underway for these facilities, which are expected to open by the end of the second quarter of 2004. The Cayuga Nation of New York is currently seeking approval by the Bureau of Indian Affairs (BIA) for its request to obtain a site adjacent to the Raceway for the Cayuga Catskills Resort.

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Contact:
Gregory Pettit/Stefan Anikewich
Hill & Knowlton
212-885-0505


"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Empire Resorts 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. 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.