Empire Resorts Announces End to Horsemen Arbitration

Empire Resorts, Inc. (NASDAQ: NYNY) today announced that the New York Racing and Wagering Board has arbitrated terms of a new contract with the company's horsemen. The new contract will run through December 31, 2007. As part of the agreement, the horsemen will receive 8.25% of the first $100 million of VGM revenue, after which they will receive 9.25%, with a minimum of 200 race days per year.

In addition, for insurance, legal, and administrative matters, the horsemen will receive $20,000 per month as a direct management contribution, along with 3.5% of revenue from all sources; in 2007, the horsemen will receive 4.5% of revenue from all sources. Empire Resorts continues to review its options

2006-08-25