Empire Resorts Announces That the Park Avenue Bank of New York Has Issued a 90-Day Standstill Notice to Company's Note Holders

MONTICELLO, N.Y.--(BUSINESS WIRE)--Empire Resorts, Inc. (the "Company") (NASDAQ: NYNY) announced today that The Park Avenue Bank of New York (the “Bank”) has issued a notice of default for failure of the Company to repay $4.4 million in debt obligations to the Bank on their maturity date of July 28, 2009. As a result of the Company's default, the Bank contemporaneously exercised a right under an Intercreditor Agreement which was assigned by the Bank of Scotland to the Bank on July 28, 2009, to issue a Standstill Notice to the Note Holders of the Company's $65 million Senior Notes. Pursuant to the Standstill Notice, Note Holders are prohibited from exercising any rights or remedies in respect of collection on, set off against, marshalling of, or foreclosure on the collateral pledged by the Company to secure its obligations under the Notes for a period of 90 days. The standstill period will expire on October 27, 2009

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