Item 1.01. Entry into a Material Definitive Agreement.

The option agreement (the "Option Agreement"), by and between Monticello Raceway Management, Inc. ("MRMI"), a wholly-owned subsidiary of Empire Resorts, Inc., and EPT Concord II, LLC ("EPT" and, together with MRMI, the "Parties"), originally entered into on December 21, 2011, was further amended by a letter agreement between the Parties, dated October 12, 2012 (the "Letter Agreement"). Pursuant to the Option Agreement, EPT granted MRMI a sole and exclusive 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.

Pursuant to the Letter Agreement, MRMI and EPT agreed to extend the option exercise period from January 4, 2013 to January 21, 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 15, 2012 to November 1, 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 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 October 12, 2012, by and between Monticello Raceway Management, Inc. and EPT Concord II, LLC.

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