Kien Huat Realty III Limited in Purchase of a Substantial Interest in Empire Resorts, Inc.

Cleary Gottlieb represented Kien Huat Realty III Limited in connection with its execution of an Investment Agreement with Empire Resorts, Inc. (“ERI”), announced on August 19. ERI, a publicly traded company that is listed on NASDAQ, owns and operates Monticello Raceway in the Catskill Mountains of New York.

Upon signing of the Investment Agreement, ERI issued to Kien Huat 6,804,188 shares of its common stock for $11 million in cash and, subject to stockholder approval and satisfaction of other customary conditions, at the subsequent closing, ERI will issue to Kien Huat an additional 27,701,852 shares for an additional $44 million in cash, following which Kien Huat will own slightly less than 50% of ERI’s total outstanding voting power.