Empire Resorts Announces Update on Financing of Concord Resort Redevelopment Project

MONTICELLO N.Y.--(BUSINESS WIRE)--Empire Resorts, Inc. (NASDAQ: NYNY) has been informed that its joint venture partner, Concord Associates L.P. has received a $250 million commitment participation in the construction loan for the $1 billion Concord Resort from Union Labor Life Insurance Company. Union Labor Life Insurance Company is making this investment through its investment vehicle, Separate Account J, “J for Jobs”. Union Labor Life Insurance Company has partnered with Cappelli Enterprises in numerous deals.

The J for Jobs program calls for Union Labor Life Insurance Company to deliver strong returns to J for Jobs investors, valuable financing solutions to union employers and the creation of new union jobs.

David P. Hanlon, CEO of Empire Resorts, said, “We are honored to be part of a project that is providing union construction jobs and over 2,000 permanent jobs to the residents of Sullivan County. Union Labor Life’s $250 million participation is another step toward completing the construction financing of the $1 billion Concord-Empire Resorts Hotel and Casino. Construction at the site is progressing as planned with the foundation building permits issued and concrete work for the new hotel and convention center already underway.”

Plans for the Concord-Empire Resorts Hotel and Casino, which forms part of the Concord Resort, call for the construction of a 750-room hotel; approximately 300,000 square feet of casino, ballrooms, meeting rooms, retail, entertainment and other commercial uses. In addition, the Concord Resort is expected to include the development of a 125-room Hotel and Spa; and the reconstruction of the existing golf courses including “the Monster” to be branded by a world-renowned golf course designer. Negotiations by Concord Associates are currently underway to bring a themed hotel and indoor water park to the resort.

About Empire Resorts, Inc.

Empire Resorts operates the Monticello Gaming & Raceway and is involved in the development of other gaming and non-gaming resort projects in the Catskills. Additional information can be found at www.empiresorts.com.

About Cappelli Enterprises

Cappelli Enterprises is a leading real estate developer and general contractor in the Northeast. Headquartered in Valhalla, NY, the company has built more than 10 million square feet of mixed use, retail, waterfront, residential, office building, laboratory and parking facilities. Cappelli has been the driving force behind the dramatic revivals of downtown White Plains and downtown New Rochelle. In White Plains, the company’s developments include the highly successful 1 million-square-foot City Center complex including the sold-out Trump Tower, Westchester’s first luxury high-rise condominium and Renaissance Square, which features The Ritz-Carlton, Westchester hotel and the The Residences at The Ritz-Carlton, Westchester condominium towers. In downtown New Rochelle, Cappelli is developing Trump Plaza, a 34-story luxury condominium tower, and is in the final stages of city review for LeCount Square, a 1,150,000-square-foot mixed-use development featuring retail, office, residential and hotel uses. Cappelli is undertaking a $50 million reconfiguration of the New Roc City entertainment center into a major retail hub that will include Target and another national retail department store as anchor tenants. www.cappelli-inc.com

About J for Jobs

The Union Labor Life Insurance Company's product, Separate Account J, also known as J for Jobs, was created in 1977 to generate favorable risk-adjusted returns for its investors, to create work for unionized workers, and to be an additional source of liquidity for real estate developers. Since then, J for Jobs has led the financing on projects with total value of over $30 billion generating more than 500 million hours of union construction labor.

J for Jobs is a commingled, open-end, real estate mortgage account sponsored by The Union Labor Life Insurance Company. It is designed to provide tax-exempt pension plans a sound means to invest in a portfolio of high- quality mortgages secured by income-producing properties. All mortgage investments in the portfolio are for new construction or extensive renovation projects and are required to be exclusively union built.

About ULLICO Inc.

ULLICO Inc. is a $5.5 billion holding company whose subsidiary companies include The Union Labor Life Insurance Company, ULLICO Investment Advisors, Inc., ULLICO Casualty Company and ULLICO Casualty Group. The ULLICO Inc. family of companies offers a broad range of financial services specifically for labor. For additional information, visit www.ullico.com.

Statements in this press release regarding the company's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties, including the need for regulatory and contractual approvals, financing and successful completion of construction. The company wishes to caution readers not to place undue reliance on such forward-looking statements, which statements are made pursuant to the Private Securities Litigation Reform Act of 1994, and as such, speak only as of the date made. To the extent the content of this press release includes forward-looking statements, they involve various risks and uncertainties including (i) the risk that the Company’s proposed joint venture with Concord Associates is not completed or the Company is not able to develop a Class II casino at the joint venture property; (ii) the risk that financing necessary for the proposed programs or projects may not be able to be obtained because of credit factors, market conditions or other contingencies, (iii) the risk that regulatory or contractual approvals are not obtained, (iv) the risk of non-compliance by various counterparties of the related agreements, and (iv) general risks affecting the company as described from time to time in it's reports filed with the Securities and Exchange Commission. For a full discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the company's Annual Report or Form 10-K for the most recently ended fiscal year.