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

| [  ] | 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                                                                                                                                                                                                                                                           | 13-4141279 |
| (State      or other jurisdiction ofincorporation      or organization)                                                                                                                                                                                            | (I.R.S.      Employer Identification No.) |
|                                                                                                                                                                                                                                                               |   |
|                                                                                                                                                                                                                                                               |   |
| 701      N. Green Valley Parkway, Suite 200, Henderson, NV          89074                                                                                                                                                                      |
| (Address      of principal executive      offices)                                      (Zip Code) |
|                                                                                                                                                                                                                                                               |   |
| Registrant’s      telephone number, including area code (702)  990-3355                                                                                                                                                                                      |

| 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 |
|                                                                                                  |   |
| 5-1/2%      Secured Convertible Notes Due 2014                                                        | The      PORTAL Market |
|                                                                                                  |   |
| Securities      registered under Section 12(g) of the Act:Common      Stock, $.01 par value per share |
| (Title      of class)                                                                                 |

|   |  Indicate by      check mark if the registrant is a well-known seasoned issuer, as defined      in Rule 405 of the Securities Act. |  Yes      [   ] No [X] |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------|

|   | Indicate by check      mark if the registrant is not required to file reports pursuant to Section      13 or Section 15(d) of the Act. |  Yes      [   ] No[X] |
|--------|----------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------|

----

Index

| Large      accelerated filer  [   ] | Accelerated      filer  [X]                           |
|--------------------------------------------------------------|-----------------------------------------------------------------|
| Non-accelerated      filer  [   ]   | Smaller      reporting  company  [   ] |

|   | Indicate      by check mark whether the registrant is a shell company (as defined in      Rule 12b-2 of the Act). |  Yes      [   ] No[X] |
|--------|-------------------------------------------------------------------------------------------------------------------|-------------------------------------------|

----

Index

INDEX

| EXPLANATORY      PARAGRAPH | 1             |
|----------------------------|---------------|
|                       |          |   |
| PART      III              |          | 2 |
|                       | Item      10. | Directors      and Executive Officers of the Registrant. | 2 |
|                       | Item      11. | Executive      Compensation. | 3 |
|                       |          |   |   |
| PART IV                    |          | 15 |
|                       | Item      15. | Exhibits,      Financial Statement Schedules. | 15 |

----

Index

EXPLANATORY 

----

Index

PART III

| Item 10. | Directors      and Executive Officers of theRegistrant. |
|----------|---------------------------------------------------------|

----

Index

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

|   | · | attract,      retain, and motivate superiortalent; |
|--------|--------|----------------------------------------------------|

|   | · | 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 stockholdervalue. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | 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 which can help us  grow. |
|--------|--------|---------------------------------------------------------------|

----

Index

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

|   | · | Internal      equity |
|--------|--------|----------------------|

|   | · | 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 2007; and |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------|

|   | · | 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

----

Index

| Name      and Principal Position | Year |  Salary      ($) |  Bonus      ($) |  Stock      Awards ($) (1) |  Option      Awards ($) (1) |  All      Other Compen-sation      ($) (2) |  Total      ($) |
|----------------------------------|------|-----------------------|----------------------|---------------------------------|----------------------------------|-------------------------------------------------|----------------------|

|                                                     |   |   |    |   |   |   |    |   |      |   |   |   |   |      |
|----------------------------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|-----------|--------|--------|--------|--------|-----------|
| David      P. HanlonChief      Executive Officer         | 2007   |   | 500,000 |   | -      |   | 109,411 |   | 389,762   |   |   | 9,000  |   | 1,008,173 |
|                                                     | 2006   |   | 500,000 |   | -      |   | 529,633 |   | 1,377,829 |   |   | 8,800  |   | 2,416,262 |
|                                                     |   |   |    |   |   |   |    |   |      |   |   |   |   |      |
| Ronald      J. RadcliffeChief      Financial Officer     | 2007   |   | 295,596 |   | -      |   | -       |   | 324,766   |   |   | 9,000  |   | 629,362   |
|                                                     | 2006   |   | 275,000 |   | -      |   | -       |   | 352,269   |   |   | 8,800  |   | 636,069   |
|                                                     |   |   |    |   |   |   |    |   |      |   |   |   |   |      |
| Thomas      W. AroChief      Operating Officer           | 2007   |   | 195,000 |   | 12,000 |   | -       |   | 49,806    |   |   | 9,000  |   | 265,806   |
|                                                     | 2006   |   | 195,000 |   | -      |   | -       |   | 109,840   |   |   | 7,800  |   | 312,640   |
|                                                     |   |   |    |   |   |   |    |   |      |   |   |   |   |      |
| Hilda      ManuelSr.      VP for Native American Affairs | 2007   |   | 180,000 |   | 10,000 |   | -       |   | 146,272   |   |   | 5,400  |   | 341,672   |
|                                                     | 2006   |   | 160,192 |   | -      |   | -       |   | 159,724   |   |   | 2,000  |   | 321,916   |

| (1) | These      amounts represent the dollar amount recognized for financial reporting      purposes for the years ended December 31, 2007 and December 31, 2006, as      applicable, for the value of prior year and current year grants of      restricted stock and stock options allocable to that year and are computed      in accordance with SFAS No. 123R.  Please see Notes B, I and J      to our consolidated financial statements contained in our Form 10-K for      the fiscal year ended December 31, 2007 for more information on these      issues. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | These      amounts reflect the Company matching contributions associated with amounts      contributed by the individuals to our 401(k) benefit plan.  See      Note M to our consolidated financial statements contained in our Form 10-K      for the fiscal year ended December 31, 2007 for more information on this      plan. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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) |
|--------------------------|-----------------|---------------------------------------------------------------------------|--------------------------------------------------|---------------------------------------------------------------------|
| David      P. Hanlon     | -               | -                                                                         | -                                                |                                                                | - |
|                     |            |                                                                      |                                             |                                                                |   |
| Thomas      W. Aro       | -               | -                                                                         | -                                                |                                                                | - |
|                     |            |                                                                      |                                             |                                                                |   |
| Ronald      J. Radcliffe | 5/24/07         | 40,000                                                                    | 7.40                                             |                                                                | 253,200 |
|                     |            |                                                                      |                                             |                                                                |   |
| Hilda      Manuel        | 1/30/07         | 10,000                                                                    | 8.74                                             |                                                                | 75,360 |

| (1) | These      amounts reflect the aggregate grant date fair value of options granted in      the year ended December 31, 2007 under our 2005 Equity Incentive Plan      computed in accordance with SFAS No. 123R.  Please see Notes B      and J to our consolidated financial statements contained in our Form 10-K      for the fiscal year ended December 31, 2007 for more      information. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

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 |   | 8/15/13      (1) |
|                     |                                                                        | 5,000                                                                             |   | - |   | 11.97 |   | 3/24/14      (2) |
|                     |                                                                        | 10,000                                                                            |   | - |   | 8.51 |   | 1/7/10      (3) |
|                     |                                                                        | 1,044,092                                                                         |   | - |   | 3.99 |   | 5/23/15      (4) |
|                     |                                                                        |                                                                              |   |   |   |   |   |   |
| Ronald      J. Radcliffe |                                                                        | 120,000                                                                           |   | - |   | 3.99 |   | 5/23/15      (5) |
|                     |                                                                        | 40,000                                                                            |   | 20,000 |   | 5.53 |   | 8/10/16      (6) |
|                     |                                                                        | 13,333                                                                            |   | 26,667 |   | 7.40 |   | 5/24/17      (14) |
|                     |                                                                        |                                                                              |   |   |   |   |   |   |
| Thomas      W. Aro       |                                                                        | 5,500                                                                             |   | - |   | 4.40 |   | 6/30/09      (7) |
|                     |                                                                        | 20,000                                                                            |   | - |   | 2.12 |   | 1/9/11      (8) |
|                     |                                                                        | 50,000                                                                            |   | - |   | 14.25 |   | 5/20/14      (9) |
|                     |                                                                        | 20,000                                                                            |   | 10,000 |   | 6.75 |   | 12/16/15      (10) |
|                     |                                                                        |                                                                              |   |   |   |   |   |   |
| Hilda      Manuel        |                                                                        | 30,000                                                                            |   |   |   | 8.26 |   | 3/18/15      (11) |
|                     |                                                                        | 5,667                                                                             |   | 2,833 |   | 6.75 |   | 12/16/15      (12) |
|                     |                                                                        | 16,667                                                                            |   | 16,667 |   | 5.53 |   | 8/10/16      (13) |
|                     |                                                                        | 0                                                                                 |   | 10,000 |   | 8.74 |   | 1/30/17      (15) |

----

Index

| (1)  | Granted      and vested 8/5/03.                                                                                                                                                                                                                                                          |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)  | Granted      and vested 3/24/04.                                                                                                                                                                                                                                                         |
| (3)  | Granted      and vested 1/7/05 – five year term.                                                                                                                                                                                                                                   |
| (4)  | Grant      date 5/23/05 effective upon stockholder approval received on 8/17/05;      vesting 33% 90 days after grant, 33% one year after grant and 34% two      years after grant.                                                                                                      |
| (5)  | Total      options granted 5/23/05 – 150,000 effective upon stockholder approval      received on 8/17/05; vesting 33% 90 days after grant, 33% one year after      grant and 34% two years after grant.  Options for 30,000 shares      exercised on December 20, 2006. |
| (6)  | Grant      date 8/10/06; vesting 33.3% 90 days after grant, 33.3% one year after      grant and 33.3% two years after grant.                                                                                                                                                             |
| (7)  | Grant      date 6/30/99; vesting 33.3% one year after grant, 33.3% two years after      grant and 33.3% three years after grant.                                                                                                                                                         |
| (8)  | Grant      date 1/9/03; vesting 33.3% one year after grant, 33.3% two years after      grant and 33.3% three years after grant - eight year  term.                                                                                                                                       |
| (9)  | Grant      date 5/20/04; vesting 50% on date of grant and 50% one year after      grant.                                                                                                                                                                                                 |
| (10) | Grant      date 12/16/05; vesting 33.3% one year after grant, 33.3% two years after      grant and 33.3% three years after grant.                                                                                                                                                        |
| (11) | Grant      date 3/18/05; vesting one year.                                                                                                                                                                                                                                               |
| (12) | Grant      date 12/16/05; vesting 33.3% one year after grant, 33.3% two years after      grant and 33.3% three years after grant.                                                                                                                                                        |
| (13) | Grant      date 8/10/06; vesting 33.3% 90 days after grant, 33.3% one year after      grant and 33.3% two years after grant.                                                                                                                                                             |
| (14) | Grant      date 5/24/07; vesting 33.3% on date of grant, 33.3% one year after grant      and 33.3% two years after grant.                                                                                                                                                                |
| (15) | Grant      date 1/30/07; vesting 33.3% one year after grant, 33.3% two years after      grant and 33.3% three years aftergrant.                                                                                                                                                          |

|                     |                                             | Option      Awards                        | Stock      Awards                         |
|--------------------------|--------------------------------------------------|-------------------------------------------|-------------------------------------------|
| Name                     |  Number      of Shares Acquired on Exercise |  Value      Realized on Exercise ($) | Number      of Shares Acquired on Vesting | Value      Realized on Vesting ($) |
| David      P. Hanlon     |                                             | -                                         |                                      | - | 88,747 | 662,930 |
|                     |                                             |                                      |                                      |   |   |   |
| Ronald      J. Radcliffe |                                             | -                                         |                                      | - | - | - |
|                     |                                             |                                      |                                      |   |   |   |
| Thomas      W. Aro       |                                             | 18,000                                    |                                      | 129,600 | - | - |
|                     |                                             |                                      |                                      |   |   |   |
| Hilda      Manuel        |                                             | 16,666                                    |                                      | 43,998 | - | - |

----

Index

----

Index

| Name                     | Termination      Without Cause orResignation      With Good Reason | Termination      of Employment Following a Change of Control ($) |
|--------------------------|--------------------------------------------------------------------|------------------------------------------------------------------|
| Cash      ($)            | Acceleration      of Options and Restricted Stock ($)              | Benefits      ($)                                                | Total      ($) |
|                     |                                                               |                                                             |   |   |   |
| David      P. Hanlon     | 198,000                                                            | -                                                                | 2,900 | 200,900 | 200,900 |
|                     |                                                               |                                                             |   |   |   |
| Ronald      J. Radcliffe | 155,000                                                            | 121,707                                                          | 5,970 | 282,677 | -- |

| Name                         |   | Fees      Paid in Cash ($) |   | Option      Awards ($) |   | Total      ($) |
|------------------------------|--------|----------------------------|--------|------------------------|--------|----------------|
| John      Sharpe             |   |                       | 99,000 |                   |   |           | 75,360 | (1)(2) |   |   | 919,743 |   |
|                         |   |                       |   |                   |   |           | 633,000 | (1)(3) |   |   |   |   |
|                         |   |                       |   |                   |   |           | 112,383 | (1)(4) |   |   |   |   |
| Joseph      E. Bernstein (7) |   |                       | 28,617 |                   |   |           | 75,360 | (1)(2) |   |   | 103,977 |   |
| Ralph      J. Bernstein      |   |                       | 37,500 |                   |   |           | 75,360 | (1)(2) |   |   | 112,860 |   |
| Frank      Catania           |   |                       | 54,000 |                   |   |           | 75,360 | (1)(2) |   |   | 129,360 |   |
| Paul      A. deBary          |   |                       | 86,250 |                   |   |           | 75,360 | (1)(2) |   |   | 194,228 |   |
|                         |   |                       |   |                   |   |           | 32,618 | (1)(5) |   |   |   |   |
| Robert      H. Friedman      |   |                       | 38,000 |                   |   |           | 75,360 | (1)(2) |   |   | 113,360 |   |
| Richard      L. Robbins (8)  |   |                       | 11,728 |                   |   |           | 58,037 | (1)(6) |   |   | 69,765 |   |
| James      Simon (8)         |   |                       | 10,228 |                   |   |           | 58,037 | (1)(6) |   |   | 68,265 |   |

----

Index

| (1) | Grant      date aggregate fair value of options granted in the year ended December      31, 2007 under our 2005 Equity Incentive Plan computed in accordance with      SFAS No. 123R.  Please see Notes B and J to our consolidated      financial statements contained in our Form 10-K for the fiscal year ended      December 31, 2007 for more information. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Grant      date 1/30/07; securities underlying options – 10,000 with 10 year      term.                                                                                                                                                                                                                                                                             |
| (3) | Grant      date 5/24/07; securities underlying options – 100,000 with 10 year      term.                                                                                                                                                                                                                                                                            |
| (4) | Grant      date 8/10/07; securities underlying options – 25,000 with 10 year      term.                                                                                                                                                                                                                                                                             |
| (5) | Grant      date 12/28/07; securities underlying options – 15,000 with 9 year      term.                                                                                                                                                                                                                                                                             |
| (6) | Grant      date 8/21/07; securities underlying options – 15,000 with 10 year      term.                                                                                                                                                                                                                                                                             |
| (7) | Joseph      E. Bernstein resigned from his position as a member of the Board of      Directors on June 22, 2007.                                                                                                                                                                                                                                                          |
| (8) | Richard      L. Robbins and James Simon were appointed as members of the Board of      Directors on August 21, 2007                                                                                                                                                                                                                                                       |

----

Index

PART 

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

| 3.1    | Certificate      of Incorporation, dated March 19, 1993. (4)                                                                                                                                                       |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                               |
| 3.2    | Certificate      of Amendment of Certificate of Incorporation, dated August 15, 1993.      (4)                                                                                                                     |
|   |                                                                                                                                                                                                               |
| 3.3    | Certificate      of Amendment of Certificate of Incorporation, dated December 18, 1996.      (4)                                                                                                                   |
|   |                                                                                                                                                                                                               |
| 3.4    | Certificate      of Amendment of Certificate of Incorporation, dated September 22, 1999.      (4)                                                                                                                  |
|   |                                                                                                                                                                                                               |
| 3.5    | Certificate      of Amendment of the Certificate of Incorporation, dated June 13, 2001.      (4)                                                                                                                   |
|   |                                                                                                                                                                                                               |
| 3.6    | Certificate      of Amendment to the Certificate of Incorporation, dated May 15, 2003.      (4)                                                                                                                    |
|   |                                                                                                                                                                                                               |
| 3.7    | Certificate      of Amendment to the Certificate of Incorporation, January 12, 2004.      (4)                                                                                                                      |
|   |                                                                                                                                                                                                               |
| 3.8    | Second      Amended and Restated By-Laws, as of Feb. 12, 2002. (4)                                                                                                                                                 |
|   |                                                                                                                                                                                                               |
| 3.9    | Amendment      No. 1 to the Second Amended and Restated By-Laws, dated November 11, 2003.      (4)                                                                                                                 |
|   |                                                                                                                                                                                                               |
| 3.10   | Amendment      No. 2 to Second Amended and Restated By-Laws, dated August 10,      2007.  (16)                                                                                                           |
|   |                                                                                                                                                                                                               |
| 3.11   | Amendment      No. 3 to Second Amended and Restated By-Laws, dated February 25,      2008.  (18)                                                                                                         |
|   |                                                                                                                                                                                                               |
| 4.1    | Form      of Common Stock Certificate. (2)                                                                                                                                                                         |
|   |                                                                                                                                                                                                               |
| 4.2    | Certificate      of Designations, Preferences and Rights of Series B Preferred Stock dated      July 31, 1996. (4)                                                                                                 |
|   |                                                                                                                                                                                                               |
| 4.3    | Certificate      of Designation setting forth the Preferences, Rights and Limitations of      Series B Preferred Stock and Series C Preferred Stock, dated May 29, 1998.      (4)                                  |
|   |                                                                                                                                                                                                               |
| 4.4    | Certificate      of Amendment to the Certificate of Designation setting forth the      Preferences, Rights and Limitations of Series B Preferred Stock and Series      C Preferred Stock, dated June 13, 2001. (4) |
|   |                                                                                                                                                                                                               |
| 4.5    | Certificate      of Designations setting forth the Preferences, Rights and Limitations of      Series D Preferred Stock, dated February 7, 2000. (10)                                                              |
|   |                                                                                                                                                                                                               |
| 4.6    | Certificate      of the Designations, Powers, Preferences and Rights of the Series E      Preferred Stock, dated December 10, 2002. (4)                                                                            |
|   |                                                                                                                                                                                                               |
| 4.7    | Certificate      of Amendment of Certificate of the Designations, Powers, Preferences and      Other Rights and Qualifications of the Series E Preferred Stock, dated      January 12, 2004. (4)                   |
|   |                                                                                                                                                                                                               |

----

Index

| 4.8    | Indenture      dated as of July 26, 2004 among Empire Resorts, Inc., The Bank of New York      and the Guarantors named therein. (8)                                                                                                                                                                                                                                 |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                 |
| 10.1   | 1998      Stock Option Plan. (3)                                                                                                                                                                                                                                                                                                                                     |
|   |                                                                                                                                                                                                                                                                                                                                                                 |
| 10.2   | 2004      Stock Option Plan. (5)                                                                                                                                                                                                                                                                                                                                     |
|   |                                                                                                                                                                                                                                                                                                                                                                 |
| 10.3   | 2005      Equity Incentive Plan. (12)                                                                                                                                                                                                                                                                                                                                |
|   |                                                                                                                                                                                                                                                                                                                                                                 |
| 10.4   | Declaration      of Trust of the Catskill Litigation Trust, dated as of January 12, 2004,      made by Catskill Development, L.L.C., Mohawk Management, LLC, Monticello      Raceway Development Company, LLC, Empire Resorts, Inc., the trustees and      Christiana Bank & Trust Company. (10)                                                                 |
|   |                                                                                                                                                                                                                                                                                                                                                                 |
| 10.5   | Line      of credit dated January 12, 2004 between Empire Resorts, Inc and Catskill      Litigation Trust. (8)                                                                                                                                                                                                                                                       |
|   |                                                                                                                                                                                                                                                                                                                                                                 |
| 10.6   | Promissory      Note issued by Catskill Litigation Trust on January 12, 2004 to Empire      Resorts, Inc. for the Principal Sum of $10,000,000. (8)                                                                                                                                                                                                                  |
|   |                                                                                                                                                                                                                                                                                                                                                                 |
| 10.7   | Five      Year Warrant issued to Jefferies & Company, Inc., dated January 30,      2004, to purchase 250,000 shares of Common Stock at an exercise price of      $7.50 per share. (4)                                                                                                                                                                            |
|   |                                                                                                                                                                                                                                                                                                                                                                 |
| 10.8   | Registration      Rights Agreement, dated as of January 30, 2004, by and among Empire      Resorts, Inc. and Jefferies & Company, Inc. (4)                                                                                                                                                                                                                       |
|   |                                                                                                                                                                                                                                                                                                                                                                 |
| 10.9   | Security      Agreement dated as of July 26, 2004 between Empire Resorts, Inc., The Bank      of New York and the Guarantors named therein. (6)                                                                                                                                                                                                                      |
|   |                                                                                                                                                                                                                                                                                                                                                                 |
| 10.10  | Pledge      Agreement dated as of July 26, 2004 Empire Resorts, Inc., The Bank of New      York and the Guarantors named therein. (6)                                                                                                                                                                                                                                |
|   |                                                                                                                                                                                                                                                                                                                                                                 |
| 10.11  | Registration      Rights Agreement dated as of July 26, 2004 Empire Resorts, Inc., the      Guarantors named therein and Jefferies & Company, Inc.    (6)                                                                                                                                                                                                        |
|   |                                                                                                                                                                                                                                                                                                                                                                 |
| 10.12  | Loan      Agreement, dated as of January 11, 2005, by and among Empire Resorts,      Inc., Monticello Raceway Management, Inc., Alpha Monticello, Inc., Alpha      Casino Management Inc., Mohawk Management, LLC, Monticello Raceway      Development Company, LLC and Monticello Casino Management, LLC and Bank of      Scotland, as lender and as agent. (9)     |
|   |                                                                                                                                                                                                                                                                                                                                                                 |
| 10.13  | Security      Agreement, dated as of January 11, 2005, by Empire Resorts, Inc.,      Monticello Raceway Management, Inc., Alpha Monticello, Inc., Alpha Casino      Management Inc., Mohawk Management, LLC, Monticello Raceway Development      Company, LLC and Monticello Casino Management, LLC, in favor of Bank of      Scotland. (9)                          |
|   |                                                                                                                                                                                                                                                                                                                                                                 |
| 10.14  | Pledge      Agreement, dated as of January 11, 2005, by Empire Resorts, Inc., Alpha      Monticello, Inc. and Alpha Casino Management Inc. in favor of Bank of      Scotland. (9)                                                                                                                                                                                    |
|   |                                                                                                                                                                                                                                                                                                                                                                 |
| 10.15  | Mortgage,      Security Agreement, Assignment of Leases and Rents, and Fixture Filing,      dated as of January 11, 2005, by Monticello Raceway Management, Inc., a      New York corporation to Bank of Scotland. (9)                                                                                                                                               |
|   |                                                                                                                                                                                                                                                                                                                                                                 |
| 10.16  | Promissory      Note issued by Empire Resorts, Inc. on January 11, 2005 to Bank of      Scotland for the Principal Sum of $10,000,000. (9)                                                                                                                                                                                                                           |
|   |                                                                                                                                                                                                                                                                                                                                                                 |
| 10.17  | Intercreditor      Agreement, dated as of January 11, 2005, by and among Bank of Scotland,      The Bank of New York, Empire Resorts, Inc., Monticello Raceway Management,      Inc., Alpha Monticello, Inc., Alpha Casino Management Inc., Mohawk      Management, LLC, Monticello Raceway Development Company, LLC and      Monticello Casino Management, LLC. (9) |
|   |                                                                                                                                                                                                                                                                                                                                                                 |

----

Index

| 10.18  | Employment      Agreement dated as of May 23, 2005 between Empire Resorts, Inc. and David      P. Hanlon (filed without exhibits or schedules, all of which are available      upon request, without cost). (11)                    |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                |
| 10.19  | Employment      Agreement dated as of May 23, 2005 between Empire Resorts, Inc. and Ronald      J. Radcliffe. (11)                                                                                                                  |
|   |                                                                                                                                                                                                                                |
| 10.20  | Restated      Amendment No. 2 to Loan Agreement, dated January 11, 2005 by and among      Empire Resorts, Inc., the guarantors listed on the signature page thereto      and Bank of Scotland, dated as of November 30, 2005.  (13) |
|   |                                                                                                                                                                                                                                |
| 10.21  | Amendment      No. 3 to Option Agreement, dated November 12, 2004, by and among Empire      Resorts, Inc. and Concord Associates Limited Partnership, dated as of      December 28, 2006. (14)                                      |
|   |                                                                                                                                                                                                                                |
| 10.22  | Amendment      No. 1 to Loan Agreement, dated January 11, 2005 by and among Empire      Resorts, Inc., the guarantors listed on the signature page thereto and      Bank of Scotland, dated as of June 13, 2005. (19)               |
|   |                                                                                                                                                                                                                                |
| 10.23  | Amendment      No. 3 to Loan Agreement, dated January 11, 2005 by and among Empire      Resorts, Inc., the guarantors listed on the signature page thereto and      Bank of Scotland, dated as of June 20, 2007. (15)               |
|   |                                                                                                                                                                                                                                |
| 10.24  | Agreement      to Form Limited Liability Company and Contribution Agreement, among      Concord Associates, L.P. and Empire Resorts, Inc., dated as of February 8,      2008. (17)                                                  |
|   |                                                                                                                                                                                                                                |
| 10.25  | Amendment      No. 4 to Loan Agreement, dated January 11, 2005 by and among Empire      Resorts, Inc., the guarantors listed on the signature page thereto and      Bank of Scotland, dated as of March 14, 2008. (19)              |
|   |                                                                                                                                                                                                                                |
| 14.1   | Code      of Ethics. (4)                                                                                                                                                                                                            |
|   |                                                                                                                                                                                                                                |
| 21.1   | List      of Subsidiaries. (19)                                                                                                                                                                                                     |
|   |                                                                                                                                                                                                                                |
| 23.1   | Consent      of Independent Registered Accounting Firm. (19)                                                                                                                                                                        |
|   |                                                                                                                                                                                                                                |
| 31.1   | Section      302 Certification of Principal Executive Officer. (1)                                                                                                                                                                  |
|   |                                                                                                                                                                                                                                |
| 31.2   | Section      302 Certification of Principal Financial Officer. (1)                                                                                                                                                                  |
|   |                                                                                                                                                                                                                                |
| 32.1   | Section      906 Certification of Principal Executive Officer. (19)                                                                                                                                                                 |
|   |                                                                                                                                                                                                                                |
| 32.2   | Section      906 Certification of Principal Financial Officer.  (19)                                                                                                                                                                |

| (1) | Filed      herewith. |
|-----|----------------------|

| (2) | Incorporated      by reference to Empire Resorts, Inc.’s Registration Statement on Form SB-2      (File No. 33-64236), filed with the SEC on June 10, 1993 and as amended on      September 30, 1993, October 25, 1993, November 2, 1993 and November 4,      1993, which Registration Statement became effective November 5,      1993.  Such Registration Statement was further amended by Post      Effective Amendment filed on August 20,1999. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Incorporated      by reference to Empire Resorts, Inc.’s Definitive Proxy Statement on      Schedule 14A, filed with the SEC on August 25,  1999. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Incorporated      by reference to Empire Resorts, Inc.’s Form 10-KSB for the year ended      December 31, 2003. |
|-----|-----------------------------------------------------------------------------------------------------------------------|

----

Index

| (5) | Incorporated      by reference to Empire Resorts, Inc.’s Definitive Proxy Statement on      Schedule 14A, filed with the SEC on April 28,  2004. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | Incorporated      by reference to Empire Resorts, Inc.’s Quarterly Report on Form 10-QSB for      the quarter ended June 30, 2004. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | Incorporated      by reference to Empire Resorts, Inc.’s Quarterly Report on Form 10-QSB for      the quarter ended September 30,2004. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | Incorporated      by reference to Empire Resorts, Inc.’s Current Report on Form 8-K, filed      with the SEC on November 18, 2004. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------|

| (9) | Incorporated      by reference to Empire Resorts, Inc.’s Current Report on Form 8-K, filed      with the SEC on January 14, 2005. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

| (10) | Incorporated      by reference to Empire Resorts, Inc.’s Form 10-KSB for the year ended      December 31, 2004. |
|------|-----------------------------------------------------------------------------------------------------------------------|

| (11) | Incorporated      by reference to Empire Resorts, Inc.’s Current Report on Form 8-K, filed      with the SEC on May 27, 2005. |
|------|-------------------------------------------------------------------------------------------------------------------------------------|

| (12) | Incorporated      by reference to Empire Resorts, Inc.’s Current Report on Form 8-K, filed      with the SEC on August 19, 2005. |
|------|----------------------------------------------------------------------------------------------------------------------------------------|

| (13) | Incorporated      by reference to Empire Resorts, Inc.’s Current Report on Form 8-K/A, filed      with the SEC on December 15, 2005. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------|

| (14) | Incorporated      by reference to Empire Resorts, Inc.’s Current Report on Form 8-K, filed      with the SEC on January 3, 2007. |
|------|----------------------------------------------------------------------------------------------------------------------------------------|

| (15) | Incorporated      by reference to Empire Resorts, Inc.’s Current Report on Form 8-K, filed      with SEC on June 25, 2007. |
|------|----------------------------------------------------------------------------------------------------------------------------------|

| (16) | Incorporated      by reference to Empire Resorts, Inc.’s Current Report on Form 8-K, filed      with the SEC on August 16, 2007. |
|------|----------------------------------------------------------------------------------------------------------------------------------------|

| (17) | Incorporated      by reference to Empire Resorts, Inc.’s Current Report on Form 8-K, filed      with the SEC on February 11, 2008. |
|------|------------------------------------------------------------------------------------------------------------------------------------------|

| (18) | Incorporated      by reference to Empire Resorts, Inc.’s Current Report on Form 8-K, filed      with the SEC on February 26, 2008. |
|------|------------------------------------------------------------------------------------------------------------------------------------------|

| (19) | Incorporated      by reference to Empire Resorts, Inc.’s Form 10-K, filed with the SEC on      March 17, 2008. |
|------|----------------------------------------------------------------------------------------------------------------------|

----

Index

|   | EMPIRES      RESORTS, INC. |
|--------|----------------------------|
|   |                       |
|   | By:                        | /s/      David      P. Hanlon |
|   |                       | Name: | David      P. Hanlon |
|   |                       | Title: | Chief      Executive Officer |
|   |                       | Date: | April      28, 2008 |

| Signature |   | Title | Date |
|-----------|--------|-------|------|

|   |   |   |   |
|--------|--------|--------|--------|

|   /s/      David      P. Hanlon |   | Chief      Executive Officer, President and Director (Principal Executive      Officer) | April      28, 2008 |
|-------------------------------------------|--------|-----------------------------------------------------------------------------------------|---------------------|
| David      P. Hanlon                      |   |                                                                                    |                |

|   |   |   |   |
|--------|--------|--------|--------|

|  /s/      Ronald      J. Radcliffe |   | Chief      Financial Officer (Principal Accounting and Financial    Officer) | April      28, 2008 |
|-----------------------------------------|--------|------------------------------------------------------------------------------|---------------------|
| Ronald      J. Radcliffe                |   |                                                                         |                |

|                             |   |                                    |                |
|----------------------------------|--------|-----------------------------------------|---------------------|
| /s/      John      Sharpe        |   | Chairman      of the Board and Director | April      28, 2008 |
| John      Sharpe                 |
|                             |   |                                    |                |
| /s/      Paul      A. deBary     |   | Director                                | April      28, 2008 |
| Paul      A. deBary              |   |
|                             |   |                                    |                |
| /s/      Ralph      J. Bernstein |   | Director                                | April      28, 2008 |
| Ralph      J. Bernstein          |   |
|                             |   |                                    |                |
| /s/      Robert      H. Friedman |   | Director                                | April      28, 2008 |
| Robert      H. Friedman          |   |
|                             |   |                                    |                |
| /s/      Frank      Catania      |   | Director                                | April      28, 2008 |
| Frank      Catania               |
|                             |   |                                    |                |
| /s/      Richard      Robbins    |   | Director                                | April      28, 2008 |
| Richard      Robbins             |   |
|                             |   |                                    |                |
| /s/      James      Simon        |   | Director                                | April      28, 2008 |
| James      Simon                 |   |
|                             |   |                                    |                |