| x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|--------------------------------------------------------------------------------------|

| o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|------------------------------------------------------------------------------------------|

|   | For the transition period from ________________ to ________________ |
|--------|---------------------------------------------------------------------|

|   | Commission file number 1-12522 |
|--------|--------------------------------|

| EMPIRE RESORTS, INC.                                                                   |
|----------------------------------------------------------------------------------------|
| (Exact name of registrant as specified in its charter)                                 |
|                                                                                   |   |   |
| Delaware                                                                               |   | 13-3714474 |
| (State or other jurisdiction ofincorporation or organization)                          |   | (I.R.S. Employer Identification No.) |
|                                                                                   |   |   |
| c/o Monticello Casino and Raceway, Route 17B, P.O. Box 5013, Monticello, NY 12701 |
| (Address of principal executive offices) (Zip Code)                                    |
|                                                                                   |   |   |
| Registrant’s telephone number, including area code (845) 807-0001                |

| Securities registered under Section 12(b) of the Act:            |
|------------------------------------------------------------------|
|                                                             |   |   |
| Title of each class                                              |   | Name of each exchange on which registered |
|                                                             |   |   |
| Common Stock, $.01 par value per share                           |   | Nasdaq Global Market |
|                                                             |   |   |
| Rights to Purchase Series A Junior Participating Preferred Stock |   | Nasdaq Global Market |
|                                                             |   |   |
|                                                             |   |   |
|                                                             |   |   |
| Securities registered under Section 12(g) of the Act: None  |
| (Title of class)                                                 |

| Large accelerated filer oNon-accelerated filer o | Accelerated filer oSmaller reporting company x |
|--------------------------------------------------|------------------------------------------------|

----

INDEX

| EXPLANATORY PARAGRAPH | 1                                        |
|-----------------------|------------------------------------------|
|                  |                                     |   |
| PART III              |                                     | 2 |
| Item 11.              | Executive Compensation.                  | 2 |
|                  |                                     |   |
| PART IV               |                                     | 18 |
| Item 15.              | Exhibits, Financial Statement Schedules. | 18 |

----

INDEX

EXPLANATORY 

----

INDEX

PART 

| Item 11. | Executive Compensation. |
|----------|-------------------------|

|   | · | attract, retain, and motivate superior talent; |
|--------|--------|------------------------------------------------|

|   | · | ensure that compensation is commensurate with our performance and stockholder returns; |
|--------|--------|----------------------------------------------------------------------------------------|

|   | · | provide performance awards for the achievement of strategic objectives that are critical to our long term growth; and |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------|

|   | · | ensure that our executive officers and key personnel have financial incentives to achieve sustainable growth in stockholder value. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Improve our operating efficiencies to the point where we are once again profitable; |
|--------|--------|-------------------------------------------------------------------------------------|

|   | · | Enter into strategic joint ventures which help drive our growth; |
|--------|--------|------------------------------------------------------------------|

|   | · | Secure a Class III gaming license for a facility to be part of our existing New York operation; and |
|--------|--------|-----------------------------------------------------------------------------------------------------|

|   | · | Take advantage of opportunities that can help us grow. |
|--------|--------|--------------------------------------------------------|

----

INDEX

|   | · | The Company’s philosophy of providing significant pay at risk; |
|--------|--------|----------------------------------------------------------------------|

|   | · | Internal equity; and |
|--------|--------|----------------------|

|   | · | Individual and corporate performance. |
|--------|--------|---------------------------------------|

----

INDEX

|   | · | Individual executive performance; |
|--------|--------|-----------------------------------|

|   | · | Equity compensation grants which have been granted previously; |
|--------|--------|----------------------------------------------------------------|

|   | · | The effect of equity compensation grants on fully diluted earnings per share; |
|--------|--------|-------------------------------------------------------------------------------|

|   | · | Each executive officer’s portion of the total number of options being granted to employees in fiscal 2009; and |
|--------|--------|----------------------------------------------------------------------------------------------------------------------|

----

INDEX

|   | · | The level of grants necessary to keep our executive officers focused and motivated in the coming year. |
|--------|--------|--------------------------------------------------------------------------------------------------------|

|   | · | We expect that in the long run the bulk of total compensation paid to executive officers will come from stock options and other equity based long term incentives.  Executive officers would only enjoy rewards to the extent they create commensurate value for stockholders. This would be in keeping with our philosophy of utilizing executive compensation to create sustained increases in value for our stockholders. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | We recognize that to create sustainable increases in share value, increases in growth and profitability are necessary.  Accordingly, it is our intention to provide competitive cash bonus opportunities.  However, annual bonuses will only be paid to the extent short term objectives are achieved or exceeded. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Finally, we recognize that in order to attract and retain the kind of talent necessary to build share value, we must pay competitive base salary and benefits. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

INDEX

----

INDEX

----

INDEX

| Name and Principal Position                                           |   | Year   |   | Salary ($) |    | Bonus ($) |   | Stock Awards ($) (1) |   | Option Awards ($) (1) |   | All Other Compen-sation ($) (2) |    | Total ($) |
|-----------------------------------------------------------------------|--------|--------|--------|------------|---------|-----------|--------|----------------------|--------|-----------------------|--------|---------------------------------|---------|-----------|
|                                                                  |   |   |   |       |    |      |   |                 |   |                  |   |                            |    |      |   |   |   |   |   |   |
| Joseph E. Bernstein (3)Chief Executive Officer                        |   | 2009   |   |       | 278,846 |      |   |                 | -      |                  |   |                            | -       |      |   |   | 925,000 |   |   |   | - |   |   |   | 1,203,846 |   |
|                                                                  |   |   |   |       |    |      |   |                 |   |                  |   |                            |    |      |   |   |   |   |   |   |   |   |   |   |   |   |
| David P. Hanlon (4)Chief Executive Officer                            |   | 2009   |   |       | 155,769 |      |   |                 | -      |                  |   |                            | -       |      |   |   | 563,878 |   |   |   | 205,000 | (11) |   |   | 924,647 |   |
|                                                                  |   | 2008   |   |       | 500,000 |      |   |                 | -      |                  |   |                            | -       |      |   |   | - |   |   |   | 30,875 | (12) |   |   | 530,875 |   |
|                                                                  |   | 2007   |   |       | 500,000 |      |   |                 | -      |                  |   |                            | 109,411 |      |   |   | 389,762 |   |   |   | 9,000 |   |   |   | 1,008,173 |   |
|                                                                  |   |   |   |       |    |      |   |                 |   |                  |   |                            |    |      |   |   |   |   |   |   |   |   |   |   |   |   |
| Clifford A. Ehrlich (5)President and Gen. Mgr. – MRMI           |   | 2009   |   |       | 269,615 |      |   |                 | -      |                  |   |                            | -       |      |   |   | 257,427 |   |   |   | 1,938 |   |   |   | 528,980 |   |
|                                                                  |   | 2008   |   |       | 178,077 |      |   |                 | -      |                  |   |                            | -       |      |   |   | 49,854 |   |   |   | 7,123 |   |   |   | 235,054 |   |
|                                                                  |   |   |   |       |    |      |   |                 |   |                  |   |                            |    |      |   |   |   |   |   |   |   |   |   |   |   |   |
| Ronald J. Radcliffe (6)Chief Financial Officer                        |   | 2009   |   |       | 163,346 |      |   |                 | -      |                  |   |                            | -       |      |   |   | 210,478 |   |   |   | 54,767 | (13) |   |   | 428,591 |   |
|                                                                  |   | 2008   |   |       | 310,000 |      |   |                 | -      |                  |   |                            | -       |      |   |   | 169,902 |   |   |   | 9,200 |   |   |   | 489,102 |   |
|                                                                  |   | 2007   |   |       | 295,596 |      |   |                 | -      |                  |   |                            | -       |      |   |   | 324,766 |   |   |   | 9,000 |   |   |   | 629,362 |   |
|                                                                  |   |   |   |       |    |      |   |                 |   |                  |   |                            |    |      |   |   |   |   |   |   |   |   |   |   |   |   |
| Eric Reehl (7)Chief Financial Officer and Chief Restructuring Officer |   | 2009   |   |       | -       |      |   |                 | -      |                  |   |                            | -       |      |   |   | - |   |   |   | 124,010 |   |   |   | 124,010 |   |
|                                                                  |   |   |   |       |    |      |   |                 |   |                  |   |                            |    |      |   |   |   |   |   |   |   |   |   |   |   |   |
| Joseph A. D’Amato (8)Chief Financial Officer                    |   | 2009   |   |       | 67,308  |      |   |                 | -      |                  |   |                            | -       |      |   |   | 121,965 |   |   |   | 10,000 |   |   |   | 199,273 |   |
|                                                                  |   |   |   |       |    |      |   |                 |   |                  |   |                            |    |      |   |   |   |   |   |   |   |   |   |   |   |   |
| Hilda Manuel (9)Sr. VP for Native American Affairs                    |   | 2009   |   |       | 65,077  |      |   |                 | -      |                  |   |                            | -       |      |   |   | 82,043 |   |   |   | 101,250 | (14) |   |   | 248,370 |   |
|                                                                  |   | 2008   |   |       | 180,000 |      |   |                 | -      |                  |   |                            | -       |      |   |   | 69,333 |   |   |   | 5,200 |   |   |   | 254,533 |   |
|                                                                  |   | 2007   |   |       | 180,000 |      |   |                 | 10,000 |                  |   |                            | -       |      |   |   | 146,272 |   |   |   | 5,400 |   |   |   | 341,672 |   |
|                                                                  |   |   |   |       |    |      |   |                 |   |                  |   |                            |    |      |   |   |   |   |   |   |   |   |   |   |   |   |
| Charles Degliomini (10)Executive Vice President                       |   | 2009   |   |       | 142,769 |      |   |                 | -      |                  |   |                            | -       |      |   |   | 278,756 |   |   |   | 78,625 |   |   |   | 500,150 |   |
|                                                                  |   | 2008   |   |       | 220,000 |      |   |                 | -      |                  |   |                            | -       |      |   |   | 174,274 |   |   |   | - |   |   |   | 394,274 |   |

----

INDEX

|   | (1) | The amounts in this column reflect the total grant date fair value computed in accordance with Accounting Standards Codification (“ASC”) Topic 718 (formerly Statement of Financial Accounting Standards (“SFAS”) No. 123(R)) for restricted stock and options to purchase shares of the Company’s common stock granted under our 2005 Equity Incentive Plan in connection with the hiring and continued employment of the Named Executive Officers. The amounts in the table also assume the highest level of performance for the options and restricted stock that are subject to performance vesting conditions. For a full discussion of the assumptions and methodology employed in determining the grant date fair value attributable to stock options and restricted stock granted during 2009, 2008 and 2007, please refer to Notes B and I to our consolidated financial statements contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2009. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | Unless otherwise noted, these amounts reflect the Company matching contributions associated with amounts contributed by the individuals to our 401(k) benefit plan, severance payments, consulting fees and relocation allowance.  See Note L to our consolidated financial statements contained in our Form 10-K for the fiscal year ended December 31, 2009 for more information on the 401(k) plan. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | On December 31, 2009, the term of our employment agreement, dated June 1, 2009, with Joseph E. Bernstein expired in accordance with its terms.  As a result of the expiration of his employment agreement, Mr. Bernstein ceased to serve as our CEO. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (4) | On April 13, 2009, Mr. Hanlon entered into a separation agreement with the Company pursuant to which Mr. Hanlon’s employment with the Company terminated as of April 13, 2009. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (5) | On June 29, 2009, Mr. Ehrlich entered into an employment agreement with the Company pursuant to which he agreed to continue to serve as the President and General Manager of MRMI.  There was no written employment agreement between the Company and Mr. Ehrlich prior to the effective date of his June 29, 2009 contract. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (6) | On April 14, 2009, Mr. Radcliffe tendered his resignation, effective June 30, 2009.  Mr. Radcliffe and the Company entered into a separation agreement with respect to Mr. Radcliffe’s resignation. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (7) | All compensation received by Mr. Reehl was paid pursuant to that certain letter agreement entered into between Mr. Reehl and the Company, dated as of April 8, 2009, which was superseded by that certain agreement between the Company and Nima, effective as of April 13, 2009, which was terminated on November 7, 2009. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (8) | On September 14, 2009.  Mr. D’Amato entered into an employment agreement with the Company to serve as the Company’s CFO, which was superseded by an amended and restated employment agreement, dated as of December 24, 2009, pursuant to which Mr. D’Amato agreed to serve as CEO and CFO of the Company, effective January 1, 2010.  In 2009, Mr. D’Amato received $10,000 for relocation allowance. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (9) | On April 30, 2009 Ms. Manuel entered into a separation agreement with the Company pursuant to which Ms. Manuel’s employment with the Company terminated as of April 30, 2009. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (10) | On June 29, 2009, Mr. Degliomini entered into an employment agreement with the Company pursuant to which he agreed to continue to serve as the Company’s Executive Vice President.  There was no written employment agreement between the Company and Mr. Degliomini prior to the effective date of his June 29, 2009 contract and all compensation prior to such date represents payments made to Mr. Degliomini pursuant to a consulting agreement. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (11) | In 2009, Mr. Hanlon received $100,000 for consulting fees, $100,000 for severance pay and $5,000 in matching contributions from the Company’s 401(k) benefit plan. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (12) | In 2008, the Company provided a life insurance policy for Mr. Hanlon at a cost of $21,675. Mr. Hanlon also received $9,200 in matching contributions from the Company’s 401(k) benefit plan. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (13) | In 2009, Mr. Radcliffe received $51,667 for severance pay and $3,100 in matching contributions from the Company’s 401(k) benefit plan. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (14) | In 2009, Ms. Manuel received $45,000 for severance pay, $30,000 in consulting fees, $25,000 for relocation allowance and $1,250 in matching contributions from the Company’s 401(k) benefit plan. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

INDEX

| Name                    |   | Grant Date |   | All Other Option Awards:Number of Securities Underlying Options |      | Exercise or Base Price of Option Awards ($) |   | Grant Date Fair Value of Stock and Option Awards ($) (1) |
|-------------------------|--------|------------|--------|-----------------------------------------------------------------|-----------|---------------------------------------------|--------|----------------------------------------------------------|
| Joseph E. Bernstein     |   | 4/27/09    |   |                                                            | 250,000   |                                        |   |                                                     | 1.14 |   |   |   | 320,000 |   |
|                    |   | 4/27/09    |   |                                                            | 250,000   |                                        |   |                                                     | 1.14 |   |   |   | 320,000 |   |
|                    |   | 6/8/09     |   |                                                            | 500,000   |                                        |   |                                                     | 1.78 |   |   |   | 605,000 |   |
|                    |   | 6/8/09     |   |                                                            | 1,000,000 |                                        |   |                                                     | 1.78 |   |   |   | 1,450,000 |   |
| David P. Hanlon         |   | -          |   |                                                            |      | -                                           |   |                                                     |   | - |   |   |   | - |   |
|                    |   |       |   |                                                            |      |                                        |   |                                                     |   |   |   |   |   |   |   |   |
| Ronald J. Radcliffe     |   | -          |   |                                                            |      | -                                           |   |                                                     |   | - |   |   |   | - |   |
|                    |   |       |   |                                                            |      |                                        |   |                                                     |   |   |   |   |   |   |   |   |
| Eric Reehl              |   | -          |   |                                                            |      | -                                           |   |                                                     |   | - |   |   |   | - |   |
|                    |   |       |   |                                                            |      |                                        |   |                                                     |   |   |   |   |   |   |   |   |
| Joseph A. D’Amato |   | 9/1/09     |   |                                                            | 300,000   |                                        |   |                                                     | 2.61 |   |   |   | 618,000 |   |
|                    |   |       |   |                                                            |      |                                        |   |                                                     |   |   |   |   |   |   |   |   |
| Hilda Manuel            |   | -          |   |                                                            |      | -                                           |   |                                                     |   | - |   |   |   | - |   |
|                    |   |       |   |                                                            |      |                                        |   |                                                     |   |   |   |   |   |   |   |   |
| Charles Degliomini      |   | 4/23/09    |   |                                                            | 300,000   |                                        |   |                                                     | 1.11 |   |   |   | 384,000 |   |
|                    |   |       |   |                                                            |      |                                        |   |                                                     |   |   |   |   |   |   |   |   |
| Clifford A. Ehrlich     |   | 4/23/09    |   |                                                            | 300,000   |                                        |   |                                                     | 1.11 |   |   |   | 384,000 |   |

|   | (1) | These amounts reflect the aggregate grant date fair value of options granted in the year ended December 31, 2009 under our 2005 Equity Incentive Plan computed in accordance with ASC Topic 718 (formerly SFAS No. 123(R)).  Please see Notes B and I to our consolidated financial statements contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2009 for more information. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

INDEX

----

INDEX

----

INDEX

|                    |   | Option Awards                                                    |
|-------------------------|--------|------------------------------------------------------------------|
| Name                    |   | Number of Securities Underlying Unexercised Options: Exercisable |   | Number of Securities Underlying UnexercisedOptions: Unexercisable |   | Option Exercise Price ($) |   | Option ExpirationDate |
| David P. Hanlon         |   |                                                             | 7,500 |   |   |   | - |   |   |   | 7.00 |   |   | 8/04/13 (1) |
|                    |   |                                                             | 5,000 |   |   |   | - |   |   |   | 11.97 |   |   | 3/23/14 (2) |
|                    |   |                                                             | 10,000 |   |   |   | - |   |   |   | 8.51 |   |   | 1/6/15 (3) |
|                    |   |                                                             | 1,044,092 |   |   |   | - |   |   |   | 3.99 |   |   | 4/13/12 (4) |
|                    |   |                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| Ronald J. Radcliffe     |   |                                                             | 120,000 |   |   |   | - |   |   |   | 3.99 |   |   | 6/30/12 (5) |
|                    |   |                                                             | 60,000 |   |   |   | - |   |   |   | 5.53 |   |   | 6/30/12 (6) |
|                    |   |                                                             | 40,000 |   |   |   | - |   |   |   | 7.40 |   |   | 6/30/12 (7) |
|                    |   |                                                             | 50,000 |   |   |   | - |   |   |   | 2.98 |   |   | 6/30/12 (8) |
|                    |   |                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| Eric Reehl              |   |                                                             | - |   |   |   | - |   |   |   | - |   |   | - |
|                    |   |                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Hilda Manuel            |   |                                                             | 30,000 |   |   |   | - |   |   |   | 8.26 |   |   | 4/30/12 (9) |
|                    |   |                                                             | 8,500 |   |   |   | - |   |   |   | 6.75 |   |   | 4/30/12 (10) |
|                    |   |                                                             | 33,334 |   |   |   | - |   |   |   | 5.53 |   |   | 4/30/12 (11) |
|                    |   |                                                             | 6,666 |   |   |   | 3,334 |   |   |   | 8.74 |   |   | 4/30/12 (12) |
|                    |   |                                                             | 8,333 |   |   |   | 4,167 |   |   |   | 2.98 |   |   | 4/30/12 (13) |
|                    |   |                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Clifford A. Ehrlich     |   |                                                             | 25,000 |   |   |   | - |   |   |   | 6.75 |   |   | 12/15/15 (14) |
|                    |   |                                                             | 30,000 |   |   |   | - |   |   |   | 5.53 |   |   | 8/09/16 (15) |
|                    |   |                                                             | 90,000 |   |   |   | 200,000 |   |   |   | 1.11 |   |   | 4/22/14 (16) |
|                    |   |                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Charles Degliomini      |   |                                                             | 50,000 |   |   |   | - |   |   |   | 6.75 |   |   | 12/15/15 (14) |
|                    |   |                                                             | 75,000 |   |   |   | - |   |   |   | 7.40 |   |   | 5/23/17 (17) |
|                    |   |                                                             | 100,000 |   |   |   | 200,000 |   |   |   | 1.11 |   |   | 4/22/14 (18) |
|                    |   |                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Joseph E. Bernstein     |   |                                                             | 250,000 |   |   |   | - |   |   |   | 1.14 |   |   | 4/26/14 (19) |
|                    |   |                                                             | - |   |   |   | 250,000 |   |   |   | 1.14 |   |   | 4/26/14 (20) |
|                    |   |                                                             | 500,000 |   |   |   |   |   |   |   | 1.78 |   |   | 6/7/14 (21) |
|                    |   |                                                             | - |   |   |   | 1,000,000 |   |   |   | 1.78 |   |   | 6/7/19 (22) |
|                    |   |                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Joseph A. D’Amato |   |                                                             | - |   |   |   | 300,000 |   |   |   | 2.61 |   |   | 8/31/14 (23) |

----

INDEX

| (1)  | Granted and vested 8/5/03. |
|-----------|----------------------------|

| (2)  | Granted and vested 3/24/04. |
|-----------|-----------------------------|

| (3)  | Granted and vested 1/7/05. |
|-----------|----------------------------|

| (4) | Grant date 5/23/05 and are fully vested pursuant to a separation agreement with the Company. The expiration date of such options was modified pursuant to a separation agreement with the Company. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Total options granted 5/23/05, 150,000 of which were contingent upon stockholder approval received on 8/17/05.  Options for 30,000 shares exercised on December 20, 2006. Such options fully vested and the expiration date of such options was modified pursuant to a separation agreement with the Company. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | Grant date 8/10/06; such options are fully vested and the expiration date of such options was modified pursuant to a separation agreement with the Company. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | Grant date 5/24/07; such options are fully vested and the expiration date of such options was modified pursuant to a separation agreement with the Company. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | Grant date 7/21/08; such options are fully vested and the expiration date of such options was modified pursuant to a separation agreement with the Company. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (9) | Grant date 3/18/05; vested one year after grant. The expiration date of such options was modified pursuant to a separation agreement with the Company. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| (10) | Grant date 12/16/05; vested 33.3% one year after grant, 33.3% two years after grant and 33.4% three years after grant. The expiration date of such options was modified pursuant to a separation agreement with the Company. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (11) | Grant date 8/10/06; vested 33.3% 90 days after grant, 33.3% one year after grant and 33.4% two years after grant. The expiration date of such options was modified pursuant to a separation agreement with the Company. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (12) | Grant date 1/30/07; vested 33.3% one year after grant, 33.3% two years after grant and 33.4% three years after grant. The expiration date of such options was modified pursuant to a separation agreement with the Company. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (13) | Grant date 7/21/08; vested 33.3% three months after grant, 33.3% one year after grant and 33.4% two years after grant; the expiration date of such options was modified pursuant to a separation agreement with the Company. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (14) | Grant date 12/16/05; vested 33.3% one year after grant, 33.3% two years after grant and 33.4% three years after grant. |
|------|------------------------------------------------------------------------------------------------------------------------|

| (15) | Grant date 8/10/06; vested 33.3% one year after grant; 33.3% two years after grant and 33.4% three years after grant. |
|------|-----------------------------------------------------------------------------------------------------------------------|

| (16) | Total options granted 4/23/09 – 300,000; vesting 33.3% on grant date, 33.3% one year after grant date and 33.4% two years after grant date – five year term. Options for 10,000 shares exercised on August 28, 2009. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (17) | Grant date 5/24/07; vesting 33.3% one year after grant; 33.3% two years after grant and 33.4% three years after grant. |
|------|------------------------------------------------------------------------------------------------------------------------|

| (18) | Grant date 4/23/09; vesting 33.3% on grant date, 33.3% one year after grant date and 33.4% two years after grant date – five year term. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------|

| (19) | Grant date 4/27/09; vested 6/16/09 – five year term. |
|------|------------------------------------------------------------|

| (20) | Grant date 4/27/09; vesting 100% upon consummation of Debt Restructuring transaction (as defined in Mr. Bernstein’s employment agreement) – five year term. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (21) | Grant date 6/8/09; vesting 33% six months following the grant date, 33% on the first anniversary of the grant and 34% 18 months following the grant – five year term.  As of 12/31/09, all options vested due to a provision in Mr. Bernstein’s employment agreement. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (22) | Grant date 6/8/09; vesting 100% upon consummation of Debt Restructuring transaction (as defined in Mr. Bernstein’s employment agreement). |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| (23) | Grant date 9/1/09; vesting 33.3% on September 14, 2010, 33.3% on September 14, 2011, and 33.4% on September 14, 2012 – five year term. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------|

----

INDEX

|                    |   | Option Awards                         |   | Stock Awards                   |
|-------------------------|--------|---------------------------------------|--------|--------------------------------|
| Name                    |   | Number of Shares Acquired on Exercise |   | Value Realized on Exercise ($) |   | Number of Shares Acquired on Vesting |   | Value Realized on Vesting ($) |
| Joseph E. Bernstein     |   |  -                               |   |                           |  - |   |   |  - |   |   |  - |   |
|                    |   |                                  |   |                           |   |   |   |   |   |   |   |   |
| David P. Hanlon         |   |                                  | -      |                           |   |   | - |   |   |   | - |   |   |   | - |   |
|                    |   |                                  |   |                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Ronald J. Radcliffe     |   |                                  | -      |                           |   |   | - |   |   |   | - |   |   |   | - |   |
|                    |   |                                  |   |                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Eric Reehl              |   |                                  | -      |                           |   |   | - |   |   |   | - |   |   |   | - |   |
|                    |   |                                  |   |                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Joseph A. D’Amato |   |                                  | -      |                           |   |   |  - |   |   |   | - |   |   |   | - |   |
|                    |   |                                  |   |                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Charles Degliomini      |   |                                  | -      |                           |   |   | - |   |   |   | - |   |   |   | - |   |
|                    |   |                                  |   |                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Clifford A. Ehrlich     |   |                                  | 10,000 |                           |   |   | 11,100 |   |   |   | - |   |   |   | - |   |
|                    |   |                                  |   |                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Hilda Manuel            |   |                                  | -      |                           |   |   | - |   |   |   | - |   |   |   | - |   |

| Name                          |   | Fees Earned or Paid in Cash ($) |    | Option Awards ($) (1) |   | Total ($) |
|-------------------------------|--------|---------------------------------|---------|-----------------------|--------|-----------|
| John Sharpe (14)              |   |                            | 33,611  |                  |   |      | 26,750 | (2) |   |   | 60,361 |   |
| Bruce Berg (17)               |   |                            | 167,500 |                  |   |      | 26,750 | (2) |   |   | 456,250 |   |
|                          |   |                            |    |                  |   |      | 94,500 | (3) |   |   |   |   |
|                          |   |                            |    |                  |   |      | 128,000 | (4) |   |   |   |   |
|                          |   |                            |    |                  |   |      | 39,500 | (5) |   |   |   |   |
| Ralph J. Bernstein            |   |                            | 327,895 |                  |   |      | 26,750 | (2) |   |   | 1,842,865 |   |
|                          |   |                            |    |                  |   |      | 94,500 | (3) |   |   |   |   |
|                          |   |                            |    |                  |   |      | 90,720 | (6) |   |   |   |   |
|                          |   |                            |    |                  |   |      | 128,000 | (4) |   |   |   |   |
|                          |   |                            |    |                  |   |      | 1,175,000 | (7) |   |   |   |   |
| Frank Catania (13)            |   |                            | 24,000  |                  |   |      | 26,750 | (2) |   |   | 50,750 |   |
| Paul A. deBary                |   |                            | 292,805 |                  |   |      | 42,800 | (8) |   |   | 426,325 |   |
|                          |   |                            |    |                  |   |      | 90,720 | (6) |   |   |   |   |
| Richard L. Robbins (13)       |   |                            | 23,500  |                  |   |      | 26,750 | (2) |   |   | 50,250 |   |
| James Simon                   |   |                            | 99,916  |                  |   |      | 26,750 | (2) |   |   | 239,766 |   |
|                          |   |                            |    |                  |   |      | 94,500 | (3) |   |   |   |   |
|                          |   |                            |    |                  |   |      | 18,600 | (9) |   |   |   |   |
| Kenneth Dreifach (13)(16)(17) |   |                            | 65,500  |                  |   |      | 26,750 | (2) |   |   | 171,096 |   |
|                          |   |                            |    |                  |   |      | 19,396 | (10) |   |   |   |   |
|                          |   |                            |    |                  |   |      | 19,950 | (11) |   |   |   |   |
|                          |   |                            |    |                  |   |      | 39,500 | (5) |   |   |   |   |
| Louis Cappelli (15)           |   |                            | 24,333  |                  |   |      | 94,500 | (3) |   |   | 118,833 |   |
| Nancy Palumbo (16)            |   |                            | 77,666  |                  |   |      | 19,396 | (10) |   |   | 117,012 |   |
|                          |   |                            |    |                  |   |      | 19,950 | (11) |   |   |   |   |
| Au Fook Yew (18)              |   |                            | 20,333  |                  |   |      | 1,792,500 | (12) |   |   | 1,812,833 |   |
| G. Michael Brown (18)         |   |                            | 53,333  |                  |   |      | - |   |   |   | 53,333 |   |

| (1) | These amounts reflect the aggregate grant date fair value of options granted in the year ended December 31, 2009 under our 2005 Equity Incentive Plan computed in accordance with ASC Topic 718 (formerly SFAS No. 123(R)).  Please see Notes B and I to our consolidated financial statements contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2009 for more information. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)  | Grant date 1/15/09; securities underlying options – 25,000 with 5 year term. |
|-----------|------------------------------------------------------------------------------------|

----

INDEX

| (3)  | Grant date 4/15/09; securities underlying options – 75,000 with 5 year term. |
|-----------|------------------------------------------------------------------------------------|

| (4)  | Grant date 4/23/09; securities underlying options – 100,000 with 5 year term. |
|-----------|-------------------------------------------------------------------------------------|

| (5)  | Grant date 8/12/09; securities underlying options - 25,000 with 5 year term. |
|-----------|------------------------------------------------------------------------------|

| (6)  | Grant date 4/15/09; securities underlying options - 72,000 with 5 year term. |
|-----------|------------------------------------------------------------------------------|

| (7)  | Grant date 8/21/09; securities underlying options - 500,000 with 5 year term. |
|-----------|-------------------------------------------------------------------------------|

| (8)  | Grant date 1/15/09; securities underlying options - 40,000 with 5 year term. |
|-----------|------------------------------------------------------------------------------|

| (9)  | Grant date 6/16/09; securities underlying options - 15,000 with 5 year term. |
|-----------|------------------------------------------------------------------------------|

| (10)  | Grant date 6/1/09; securities underlying options – 14,583 with 5 year term. |
|------------|-----------------------------------------------------------------------------------|

| (11)  | Grant date 6/1/09; securities underlying options - 15,000 with 5 year term. |
|------------|-----------------------------------------------------------------------------|

| (12) | Grant date 9/11/09; securities underlying options - 750,000 with 5 year term.  Does not include the right to acquire 250,000 shares of the Company’s common stock upon the exercise of an existing stock option pursuant to matching rights under that certain Investment Agreement, dated August 19, 2009, by and between the Company and Kien Huat Realty III Limited (“Kien Huat”), which matching rights Kien Huat assigned to Mr. Au on November 12, 2009. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (13) | Frank Catania, Kenneth Dreifach and Richard Robbins resigned from their positions as members of the Board on March 17, 2009. |
|------|------------------------------------------------------------------------------------------------------------------------------|

| (14)  | John Sharpe resigned from his position as a member of the Board on March 20, 2009. |
|------------|------------------------------------------------------------------------------------|

| (15)  | Louis Cappelli joined the Board on March 23, 2009. |
|------------|----------------------------------------------------|

| (16)  | Kenneth Dreifach and Nancy Palumbo joined the Board on June 1, 2009. |
|------------|----------------------------------------------------------------------|

| (17) | Bruce Berg and Kenneth Dreifach resigned from their positions as members of the Board on August 12, 2009. |
|------|-----------------------------------------------------------------------------------------------------------|

| (18)  | Au Fook Yew and G. Michael Brown joined the Board on August 19, 2009. |
|------------|-----------------------------------------------------------------------|

----

INDEX

----

INDEX

PART 

| Item 15. | Exhibits and Financial Statement Schedules. |
|----------|---------------------------------------------|

| 31.1   | Section 302 Certification of Principal Executive Officer and Principal Financial Officer. |
|--------|-------------------------------------------------------------------------------------------|
|   |                                                                                      |
| 32.1   | Section 906 Certification of Principal Executive Officer and Principal Financial Officer. |

|   | EMPIRE RESORTS, INC. |
|--------|----------------------|
|   |                 |
|   | By:                  | /s/ Joseph A. D’Amato |
|   |                 | Name: | Joseph A. D’Amato |
|   |                 | Title: | Chief Executive Officer and Chief Financial Officer |
|   |                 | Date: | April 30, 2010 |

| Signature                   | Title                                                                                          | Date           |
|-----------------------------|------------------------------------------------------------------------------------------------|----------------|
|                        |                                                                                           |           |
| /s/ Joseph A. D’Amato | Chief Executive Officer and Chief Financial Officer(Principal Executive and Financial Officer) | April 30, 2010 |
| Joseph A. D’Amato     |                                                                                           |           |
|                        |                                                                                           |           |
| /s/ G. Michael Brown        | Chairman                                                                                       | April 30, 2010 |
| G. Michael Brown            |                                                                                           |           |
|                        |                                                                                           |           |
|                        | Director                                                                                       |           |
| Au Fook Yew                 |                                                                                           |           |
|                        |                                                                                           |           |
| /s/ Ralph J. Bernstein      | Director                                                                                       | April 30, 2010 |
| Ralph J. Bernstein          |                                                                                           |           |
|                        |                                                                                           |           |
| /s/ Louis R. Cappelli       | Director                                                                                       | April 30, 2010 |
| Louis R. Cappelli           |                                                                                           |           |
|                        |                                                                                           |           |
| /s/ Paul A. deBary          | Director                                                                                       | April 30, 2010 |
| Paul A. deBary              |                                                                                           |           |
|                        |                                                                                           |           |
| /s/ Nancy A. Palumbo        | Director                                                                                       | April 30, 2010 |
| Nancy A. Palumbo            |                                                                                           |           |
|                        |                                                                                           |           |
| /s/ James Simon             | Director                                                                                       | April 30, 2010 |
| James Simon                 |                                                                                           |           |

----

INDEX

| 31.1   | Section 302 Certification of Principal Executive Officer and Principal Financial Officer. |
|--------|-------------------------------------------------------------------------------------------|
|   |                                                                                      |
| 32.1   | Section 906 Certification of Principal Executive Officer and Principal Financial Officer. |

----