EMPIRE RESORTS, INC. (NASDAQ:NYNY) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Item5.02.

On March27, 2017, Empire Resorts, Inc. (the Company) appointed
Ryan Eller as the Companys President and Chief Operating Officer
effective immediately. Mr.Eller was appointed to the same
position in each of the Companys subsidiaries and such
appointments will also be effective as of March27, 2017.

Prior to joining the Company, from June 2013 to March 2017,
Mr.Eller served in various executive officer positions with
Genting New York LLC (Genting NY), which operates Resorts World
Casino New York City (RWNYC). From June 2013 to October 2014,
Mr.Eller served as chief financial officer and from October 2014
to March 2017, Mr.Eller served as president of Genting NY. During
his tenure at Genting NY, Mr.Eller oversaw RWNYCs planning with
respect to a $315 million expansion to add 1,000 video lottery
terminals, a new hotel and convention complex. Concurrently with
his position at Genting NY, from October 2014 to March 2017,
Mr.Eller served as senior vice president of development of
Genting Americas Inc. (Genting Americas), an indirect,
wholly-owned subsidiary of Genting Malaysia Berhad (Genting
Malaysia), which is also the parent entity of Genting NY. In his
role with Genting Americas, Mr.Eller oversaw the design and
development of the Resorts World Las Vegas integrated resort, a
$4 billion project on the Las Vegas Strip. From September 2012 to
June 2013, Mr.Eller served as executive vice president and chief
financial officer of Choctaw Resort Development Enterprise, a
wholly-owned enterprise of the Mississippi Band of Choctaw
Indians, which operates three casinos including the Pearl River
Resort, a fully integrated casino and resort facility that
includes two casinos, a golf course and waterpark in Choctaw,
Mississippi. In this role, Mr.Eller was responsible for the
overall financial operations of the Choctaws gaming and resort
enterprises as well as a restructuring of the propertys
operations following an extended period of distress. From
September 2007 to September 2012, Mr.Eller served as treasurer
and executive director of finance of PCI Gaming Authority, a
business enterprise created by the Poarch Band of Creek Indians,
where he helped design, open and operate three casino and hotels
representing capital investments over $600 million. At PCI Gaming
Authority, Mr.Eller also directed operations and oversaw efforts
to acquire and integrate pari-mutuel wagering facilities in
Florida and Alabama. From 2006 to 2007, Mr.Eller served as
regional manager, planning and analysis at Caesars Entertainment,
Inc., where he led a team responsible for strategic, operational
and marketing analysis. Mr.Eller served in the United States
Marine Corps from 1997 to 2004 where he attained the rank of
Major, holds an MBA with honors from Harvard Business School and
a bachelors degree with distinction from the U.S. Naval Academy.

There is no arrangement or understanding between Mr.Eller and any
other person to which he was selected as an officer of the
Company. Additionally, there is no family relationship between
any director or executive officer of the Company and Mr.Eller.
Genting NY and Genting Americas, with which Mr.Eller held officer
positions during the last three years, and Genting Malaysia are
affiliates of Tan Sri Lim Kok Thay. Mr.Lim is a beneficiary of,
and indirectly controls, Kien Huat Realty III Limited, the
Companys largest stockholder.

The Company and Mr.Eller have entered into an employment
agreement, dated as of March27, 2017 (the Eller Employment
Agreement) in connection with Mr.Ellers appointment as President
and Chief Operating Officer. Mr.Ellers employment agreement
provides for a term ending on February28, 2021 unless the
relationship is earlier terminated by either party in accordance
with the provisions of the Eller Employment Agreement. Mr.Eller
will receive an annual base salary of $600,000 and will be
eligible to receive such incentive compensation and bonuses at
the discretion of the compensation committee of the Companys
Board of Directors. Mr.Eller will receive a monthly housing
allowance in the amount of $1,600 plus utility expenses. In
addition, the Company will lease or purchase an automobile for
Mr.Ellers sole and exclusive use, and be responsible for the
payment of certain expenses related to that vehicle, with an
approximate monthly value not to exceed $1,500.

In the event that the Company terminates Mr.Ellers employment
with Cause (as defined in the Eller Employment Agreement) or
Mr.Eller resigns without Good Reason (as defined in the Eller
Employment Agreement), the Companys obligations are limited
generally to paying Mr.Eller his base salary, unpaid expenses and
any benefits to which Mr.Eller is entitled through the
termination date (collectively Accrued Obligations). In the event
Mr.Ellers employment is terminated as a result of death or
disability, Mr.Eller or his estate, as the case may be, is
entitled to receive the Accrued Obligations and any unvested
options held by Mr.Eller shall become vested immediately and
remain exercisable through the remainder of its original term. In
the event that the Company terminates Mr.Ellers employment
without Cause or Mr.Eller resigns with Good Reason, the Company
is obligated to pay (i)the Accrued Obligation, (ii)a pro rata
portion of any bonus awarded to a bonus plan in which he is a
participant (based on the days worked during the applicable year)
and (iii)Mr.Ellers compensation for the lesser of (A)18 months or
(B)the remainder of the term of the agreement and accelerate the
vesting of the options granted in contemplation of the agreement,
which options shall remain exercisable through the remainder of
its original term. In the event that the Company terminates
Mr.Ellers employment without Cause or Mr.Eller resigns with Good
Reason on or following a Change of Control (as defined in the
Eller Employment Agreement), the Company is obligated to pay
(i)the Accrued Obligations, (ii)a pro rata portion of any bonus
awarded to a bonus plan in which he is a participant, and
(iii)Mr.Ellers compensation for the greater of (A)24 months or
(B)the remainder of the term of the agreement and accelerate the
vesting of the options held by Mr.Eller, which options shall
remain exercisable through the remainder of their original term.

The Company has agreed to customary indemnification for Mr.Eller
for any claims arising out of his service to the Company. In
addition, Mr.Eller agreed to non-competition and non-solicitation
provisions that extend for a post-termination period ranging from
three months to one year following the date of termination
depending on the reason for termination. Notwithstanding the
foregoing, following the termination of the Eller Employment
Agreement, Mr.Eller shall be entitled to be employed by, consult
with or participate in the management, operation or control of
Genting Berhad, Genting Malaysia, Genting Hong Kong Limited, or
affiliates thereof, or any other entity in which Mr. Lim or any
member of the Lim family has, directly or indirectly, invested,
without the prior written consent of the Board of Directors of
the Company. Mr.Eller has also agreed to customary terms
concerning the protection and confidentiality of company
information.

As a result of Mr. Ellers appointment as Chief Operating Officer,
Ms. Laurette Pitts will no longer serve as Chief Operating
Officer of the Company. Ms. Pitts will continue to serve as the
Companys Executive Vice President and Chief Financial Officer.

This summary description is qualified in its entirety by
reference to the Eller Employment Agreement, which is filed as
Exhibit 10.1 to this Current Report on Form8-K and is
incorporated herein by reference. A press release announcing
Mr.Ellers appointment is attached as Exhibit 99.1 to this Current
Report on Form 8-K.

About EMPIRE RESORTS, INC. (NASDAQ:NYNY)

Empire Resorts, Inc. is a holding company for various subsidiaries engaged in the hospitality and gaming industries. The Company, through Monticello Raceway Management, Inc. (MRMI), owns and operates Monticello Casino and Raceway, which is an approximately 40,000 square foot video gaming machine (VGM) and harness horseracing facility located in Monticello, New York, over 90 miles northwest of New York City. Monticello Casino and Raceway operates over 1,110 VGMs, which include approximately 1,070 video lottery terminals (VLTs) and over 40 electronic table game positions (ETGs). It is also engaged in pari-mutuel wagering on the running of live harness horse races, the import simulcasting of harness and thoroughbred horse races from racetracks across the country and internationally, and the export simulcasting of its races to offsite pari-mutuel wagering facilities. The Company, through Montreign Operating Company, LLC, holds a license to operate a resort casino.

EMPIRE RESORTS, INC. (NASDAQ:NYNY) Recent Trading Information

EMPIRE RESORTS, INC. (NASDAQ:NYNY) closed its last trading session down -0.15 at 23.35 with 5,502 shares trading hands.