EMPIRE RESORTS, INC. (NASDAQ:NYNY) Files An 8-K Entry into a Material Definitive Agreement

Item1.01. Entry into a Material Definitive Agreement.

As previously reported in a Current Report on Form 8-K filed on
January30, 2017 by Empire Resorts, Inc. (Empire and, together
with its subsidiaries, the Company), on January24, 2017 (the
Original Loan Closing Date), Empires subsidiary, Montreign
Operating Company, LLC (Montreign Operating and, together with
its subsidiaries, the Development Parties) entered into a
Building Term Loan Agreement (the Term Loan Agreement), among
Montreign Operating, the lenders from time to time party thereto,
and Credit Suisse AG, Cayman Islands Branch (Credit Suisse), as
administrative agent (in such capacity, together with its
successors and assigns in such capacity, the Term Loan
Administrative Agent). The Term Loan Agreement provided loans to
Montreign Operating in an aggregate principal amount of
$485,000,000 (the Term Loan Facility), consisting of $70,000,000
of Term A loans (Term A Loan) and $415,000,000 of Term B loans
(Term B Loan). On the same day, Montreign Operating entered into
a Revolving Credit Agreement (the Revolving Credit Agreement)
with lenders from time to time party thereto, and Fifth Third
Bank, as administrative agent,providing for loans or other
extensions of credit to be made to Montreign Operating in an
aggregate principal amount of up to $15,000,000 (including a
letter of credit sub-facility of $10,000,000) (the Revolving
Credit Facility).

On May26, 2017, the Company entered into the First Amendment to
the Term Loan Agreement and certain ancillary agreements (the
Term Loan Amendment) to increase the aggregate principal amount
of the Term B Loan by $35million. The additional $35million
principal amount of the Term B Loan was priced at 99.75% of the
principal amount, and was issued under substantially the same
terms and conditions with the existing Term Loan Facility, except
the requirement to contribute additional equity to the
Development Parties was reduced from $35million to approximately
$9.87million, which reduction takes into account approximately
$600,000 of equity contributions made to the Development Parties
since the Original Loan Closing Date. The additional equity of
$9.87million must be contributed to the Development Parties on or
before December31, 2017. The additional borrowings will be used
to fund the Companys development and operation of Resorts World
Catskills, the entertainment village and golf course
(collectively, the Projects), each of which will be located in
Sullivan County, New York. As amended, the Term Loan Facility now
provides loans in the aggregate principal amount of $520,000,000,
consisting of a $70,000,000 Term A Loan and a $450,000,000 Term B
Loan.

Concurrently with the Term Loan Amendment, the Company amended
the Revolving Credit Agreement (the Revolving Credit Amendment
and together with the Term Loan Amendment, the Amendments) to
among other things, permit Montreign Operating to increase the
aggregate principal amount of the Term B Loan under the Term Loan
Amendment.

A copy of each of the Term Loan Amendment and the Revolving
Credit Amendment is filed, respectively, as Exhibits 10.1 and
10.2 hereto and is incorporated herein by reference, and the
foregoing description of the Amendments are qualified in their
entirety by reference thereto.

Item2.03. Creation of a Direct Financial Obligation or an
Off-Balance Sheet Arrangement of a Registrant.

The disclosure set forth in Item 1.01 of this Current Report on
Form 8-K is incorporated by reference herein.

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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 -0.10 at 24.35 with 2,811 shares trading hands.