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$1 Billion Casino Approved for Catskills

June 27, 2008

SULLIVAN COUNTY, NY - Legislation announced this week will authorize Empire Resorts Inc., in partnership with Concord Associates, to build a new hotel and casino at the site of the Concord Hotel in Monticello, Sullivan County. The project includes a 100,000-square-foot casino with video lottery terminals, a 750-room hotel, a convention center, and a 7,500-seat events center. It also includes a new 5/8-mile harness horse racing track to replace the nearby Monticello Raceway.

Empire Resorts will invest $1 billion in the project and hire 2,000 employees. In an agreement with Gov. David A. Paterson and legislative leaders, Empire will pay the state 25% of revenues generated by 3,000 video lottery terminals. This is projected to be $38 million annually, which is ear-marked for education.

"Government and the private sector have worked together to structure a deal that will at least double the amount of money for education that the state expected to generate from the Monticello Racetrack," Gov. Paterson said.

"Empire Resorts has finally realized the dream of being able to being build a first-class resort and gaming facility in the Catskills," said David P. Hanlon, Empire's CEO. "We have achieved a new effective gaming tax structure that is competitive with casinos in Connecticut, Atlantic City and Pennsylvania."

Construction of the new facilities is sscheduled for completion in July 2010.

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