Empire Resorts Implements Cost Cutting Program and Relocates Las Vegas Headquarters

Empire Resorts, Inc (NASDAQ: NYNY) today announced that it continues to implement its cost cutting program and is relocating its Las Vegas, NV headquarters to New York. The company also announced its Board of Directors has accepted the resignation of its President, CEO and Director David P. Hanlon, effective immediately. Chief Financial Officer Ronald Radcliffe has also tendered his resignation, effective June 30, 2009.

With the relocation of its Las Vegas headquarters, Mr. Hanlon and Mr. Radcliffe's resignations, and the implementation of other cost-cutting measures the company expects to realize several million dollars a year as a result of significant savings in corporate payroll and other operational overhead. The Empire Resorts Board of Directors thanked Mr. Hanlon and Mr. Radcliffe for their tenures as CEO and CFO and wished them well in their future endeavors.

The company will be led by a special committee of the Board and Eric Reehl, its Chief Restructuring Officer, as it implements changes to maximize revenue and stakeholder value. The Board plans to explore a full range of options as it considers Mr. Hanlon's and Radcliff's successors.

Empire Resorts operates the Monticello Gaming & Raceway and is involved in the development of another gaming resort project in the Catskills.

Logos, product and company names mentioned are the property of their respective owners.

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