On June 20, 2019, the New York Legislature approved the creation of a video lottery terminal (VLT) gaming facility in Orange
County, New York. In particular, the legislation allows Empire Resorts, Inc. (Empire and, together with its subsidiaries, the Company), to operate the new VLT facility in Orange County, subject to certain statutory
requirements relating to, among other things, employment levels at the Companys facilities, continued operation of racing at Monticello Raceway, location of the VLT facility within Orange County and entry into a mitigation agreement between
the Company and the VLT facility operating at the Yonkers racetrack. The Company will work with local, state and federal agencies and officials to obtain the necessary permits and approvals to designate the site for, and begin construction on, the
new VLT facility.
The Company has retained Moelis & Company LLC as its financial advisor to evaluate strategic alternatives for
the Company as a whole. The board of directors of Empire also created a special committee to oversee the evaluation of strategic alternatives for the Company as a whole and disbanded its existing Strategic Development Committee, which had, among
other things, overseen the development of Resorts World Catskills.
Cautionary Statement Regarding Forward-Looking Information
This report includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private
Securities Litigation Reform Act of 1995. These statements include statements about our plans, strategies, financial performance, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, our
actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as may,
could, expect, intend, plan, seek, anticipate, believe, estimate, predict, potential, continue, likely,
will, would and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while
considered reasonable by the Company and our management team, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, among others, levels of spending in business and leisure segments
as well as consumer confidence; plans for signing and closing on definitive transaction documents; the construction commencement date for the VLT facility; relationships with associates and labor unions and changes in labor law; the financial
condition of, and our relationships with, third-party property owners; changes in the competitive environment in our industry and the markets where we operate; the timing of the receipt of regulatory and governmental approvals for the development
VLT facility; changes in federal, state or local tax law; general volatility of the capital markets and our ability to access the capital markets to secure necessary financing. A more complete description of these risks and uncertainties can be
found in the reports and other documents filed with the U.S. Securities and Exchange Commission. The Company cautions readers not to rely on these forward-looking statements. The Company undertakes no obligation to update any of these
forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws.