Empire Resorts Announces Conclusion of Rights Offering, Proceeds About $17.6M

Empire Resorts, Inc. NYNY reported the completion of its previously announced rights offering, which expired on Friday, May 20, 2011. The Company sold 19,886,776 shares of its common stock, representing 50.2% of the shares offered in the rights offering, at the $0.8837 per share offering price, for aggregate gross proceeds of approximately $17.6 million. As a result of the rights offering, the total number of shares of the Company's common stock outstanding is 89,592,259. Kien Huat Realty III Limited (“Kien Huat”), the Company's largest stockholder, subscribed for 19,826,382 shares in satisfaction of its commitment to participate in the rights offering. After giving effect to the rights offering, Kien Huat now owns approximately 61% of the outstanding shares of the Company's common stock.