Item 1.01. Entry into a Material Definitive Agreement.

On December 21, 2011, Monticello Raceway Management, Inc. ("MRMI"), a wholly-owned subsidiary of Empire Resorts, Inc. (the "Company" or "Empire"), entered into an option agreement (the "Option Agreement") with EPT Concord II, LLC ("EPT"), which Option Agreement was amended by letter agreements, dated March 30, 2012, April 30, 2012, May 30, 2012 and June 29, 2012. Pursuant to the Option Agreement, EPT granted MRMI a sole and exclusive option (the "Option") to lease certain EPT property located in Sullivan County, New York (the "EPT Property") pursuant to the terms of a lease negotiated between the parties.

MRMI and EPT entered into a fifth letter agreement (the "Fifth Option Letter Agreement") amending certain terms of the Option Agreement. More specifically, MRMI and EPT agreed to extend the option exercise period from December 21, 2012 to January 4, 2013 (as the same may be further extended pursuant to the Option Agreement). In addition, the parties agreed to extend the date by which they would enter into a master development agreement with respect to the EPT Property from October 1, 2012 to October 15, 2012. Except for these amendments, the Option Agreement remains unchanged and in full force and effect.

This summary description is qualified in its entirety by reference to the actual Fifth Option Letter Agreement, which is filed as 10.1 to this Form 8-K and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

10.1 Letter Agreement, dated as of September 28, 2012, by and between Monticello Raceway Management, Inc. and EPT Concord II, LLC.

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