MONTICELLO, N.Y.--(BUSINESS WIRE)--Montreign Operating Company, LLC a wholly-owned indirect subsidiary of Empire Resorts, Inc. (NASDAQ-GM:NYNY) (“Empire” and, together with its subsidiaries, the “Company”) today announced the successful closing of a $35 million increase to Montreign’s Term B loans, which are part of its senior secured first lien term loan facility. Following the closing of the additional $35 million Term B loans, the term loan facility now provides an aggregate of $520 million senior secured first lien term loans, consisting of $70 million of Term A loans and $450 million of Term B loans. The new $35 million of Term B loans were priced at 99.75% of the principal amount and were otherwise issued under substantially the same terms and conditions with the existing Term B loans, except the term loan facility requirement to contribute additional equity to Montreign was be reduced. The net proceeds of the incremental Term B loans will be used by Montreign and its subsidiaries to fund the costs relating to the development and construction of the Resorts World Catskills casino, as well as the entertainment village and the golf course being developed at the site of a destination resort in Sullivan County, New York.

About the Company

The Company was awarded a gaming facility license by the New York State Gaming Commission to develop and operate a resort casino to be located at the site of a four-season destination resort being developed in the Town of Thompson in Sullivan County, approximately 90 miles from New York City. The Company is the sole holder of a gaming facility license in the Hudson Valley-Catskills Area, which consists of Columbia, Delaware, Dutchess, Greene, Orange, Sullivan and Ulster counties in New York State.