Empire Resorts Announces Term Sheet with Entertainment Properties Trust and MSEG LLC

Empire Resorts NYNY along with the management teams of Entertainment Properties Trust and MSEG, LLC reported that in furtherance of the exclusivity agreement that was announced on April 12, 2011, they have reached a Master Development Agreement Term Sheet for the joint development of the Companies' respective properties located in Sullivan County, NY. Empire owns and operates Monticello Casino and Raceway and EPR is the sole owner of Concord EPT, comprising 1,400 acres located at the site of the former Concord Resort. The Companies will continue to deal exclusively with each other until October 11, 2011, as set forth in the previously announced exclusivity agreement. The Term Sheet sets forth the basis on which the Companies will work together to develop a comprehensive, integrated destination resort on the site of the former Concord Resort. The Term Sheet addresses the creation of a casino/entertainment facility and non-gaming amenities to complement the casino, which will offer Sullivan County additional tourism opportunities.