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                                                                   Exhibit 10.30

                       ASSIGNMENT AND ASSUMPTION AGREEMENT

     This  Assignment and Assumption  Agreement  (the  "AGREEMENT")  is made and
entered into as of January 12, 2004, by and between (i) New York Gaming,  LLC, a
Georgia limited liability  company (the "ASSIGNOR"),  and (ii) Alpha Monticello,
Inc., a Delaware corporation ( the "ASSIGNEE").

                              W I T N E S S E T H:

     WHEREAS,  the  Assignor  was formed by each of  Watertone  Holdings,  LP, a
Delaware limited  partnership  ("WATERTONE"),  and the Assignee pursuant to that
certain  Amended and Restated  Contribution  Agreement,  dated as of February 8,
2002,  by  and  between  Empire  Resorts,   Inc.   (formerly  Alpha  Hospitality
Corporation),  a Delaware  corporation  ("EMPIRE"),  and Watertone,  whereby the
Assignee,  a wholly owned  subsidiary of Empire,  contributed  575,874 shares of
Empire's  common  stock (the  "EMPIRE  SHARES") to the  Assignor  and  Watertone
contributed  47.5% of Watertone's  29.167%  economic  ownership  interest in the
gaming and  wagering  operations  of Catskill  Development,  L.L.C.,  a New York
limited  liability  company  ("CATSKILL")  and 47.5% of Watertone's 25% economic
ownership  interest  in  Catskill's   horseracing   operations  (together,   the
"WATERTONE INTERESTS") to the Assignor;

     WHEREAS,  pursuant  to the  Assignor's  Operating  Agreement,  dated  as of
February  12,  2002,  the  Assignee has the sole right to direct the Assignee to
take any action with  respect to the  Watertone  Interests,  including,  without
limitation,  the right to direct the transfer and  assignment  of the  Watertone
Interests;

     WHEREAS,  on January 12, 2004, the Assignee directed the Assignor to assign
all of the  Watertone  Interests to the  Assignee,  and the Assignee  desires to
accept such assignment,  together with all the duties and obligations related to
the Watertone Interests (the "ASSIGNMENT"); and

     WHEREAS,  the  transfer of the  Watertone  Interests  contemplated  in this
Agreement  is deemed to have been  approved by a Majority  Vote (as such term is
defined in the First Amended and Restated Operating Agreement of Catskill, dated
as of January 1, 1999 (the "CATSKILL  OPERATING  AGREEMENT",  as the Assignee is
also  a  Voting  Member  of  Catskill  (as  defined  in the  Catskill  Operating
Agreement)  and an  "accredited  investor," as defined in the  Securities Act of
1933, as amended, and exempt from registration.

     NOW  THEREFORE,  for good  and  valuable  consideration,  the  receipt  and
sufficiency  of  which  are  hereby  acknowledged,  the  parties  agree  to  the
following:

     1.  RECITALS.  The  foregoing  recitals are hereby  incorporated  herein by
reference and acknowledged as true and correct by the parties hereto.

     2. TRANSFER OF INTEREST.  The Assignor hereby  transfers and assigns all of
its right, title and interest in and to the Watertone Interests to the Assignee,
free and clear of all preemptive  rights,  liens,  claims and encumbrances,  and
consents to the admission of the Assignee as a member of Catskill (in accordance

with the terms of the Catskill Operating  Agreement) in respect of the Watertone
Interests.

     3.  ASSUMPTION.  The Assignee hereby accepts the transfer and assignment of
the  Watertone  Interests  by  the  Assignor,  and  hereby  assumes  all  of the
Assignor's  duties and obligations  under the Catskill  Operating  Agreement and
agrees to be bound by and subject to the terms and conditions thereof.

     4.  WITHDRAWAL.  Immediately  following the transfer and  assignment of the
Watertone Interests to the Assignee, the Assignor shall and does hereby withdraw
from Catskill as a Member (as defined in the Catskill Operating Agreement),  and
shall  thereupon  cease to be a Member  of  Catskill.  From and  after  the date
hereof, the Assignor shall have no further interest in the Watertone  Interests,
including,  without limitation,  the profits,  gains and income allocable to the
Watertone  Interests,  and  shall  not  be  liable  for  any  of  the  expenses,
obligations or liabilities  allocable to the Watertone  Interests or relating to
Catskill accruing from and after the date hereof.

     5. BOOKS AND RECORDS.  The Assignor shall take all actions  necessary under
the New York Limited Liability Company Act and the Catskill Operating Agreement,
including,  if  necessary,  causing  an  amendment  of  the  Catskill  Operating
Agreement,  to evidence the Assignor's  withdrawal from Catskill as a Member and
the  transfer  of the  Watertone  Interests  to  the  Assignee  pursuant  to the
Assignment.

     6. AUTHORITY. Each of the Assignor and the Assignee represents and warrants
to the  other  that (a) it has  full and  absolute  power  to  enter  into  this
Agreement and to assume and perform all of its  obligations  hereunder;  (b) the
execution and delivery of this  Agreement and the  performance  by such party of
its obligations hereunder have been duly authorized by all requisite action, and
no further action or approval is required in order to constitute  this Agreement
as a binding and enforceable obligation of such party; (c) the Agreement is duly
and validly  executed and delivered by or on behalf of such party and is binding
on such party; and (d) no consent or authorization,  including,  but not limited
to, any  consent or  authorization  by any  governmental  or  quasi-governmental
agency,  commission,  board, bureau, or instrumentality is necessary or required
in order to  constitute  this  Agreement  as a valid,  binding  and  enforceable
obligation in accordance with its terms.

     7.  VALIDITY OF  INTEREST.  The  Assignor  represents  and  warrants to the
Assignee that (a) the Assignor owns the  Watertone  Interests  free and clear of
all  liens,  claims,  charges  and  encumbrances;  (b) there are no  outstanding
warrants,  options, rights, agreements,  calls or other commitments to which the
Assignor is a party relating to or providing for the sale, conveyance, transfer,
gift,  pledge,  mortgage or other  disposition,  encumbrance  or granting of, or
permitting  any person or other entity to acquire any interest in the  Watertone
Interest;  and (c) the Assignor has, and upon  consummation  of the  transaction
contemplated hereby, the Assignee will acquire, good and marketable title to the
Watertone  Interests,   free  and  clear  of  all  liens,  claims,  charges  and
encumbrances.

                                      -2-

     8. INDEMNIFICATION.  Each of the Assignor and the Assignee hereby agrees to
indemnify  Catskill and its Members  (other than the Assignor and the  Assignee)
against,  and agrees to hold  Catskill and its Members  (other than the Assignor
and the Assignee) harmless from and against any liabilities, obligations, losses
or expenses including,  without limitation,  reasonable attorney's fees, arising
under or by virtue of the Assignment.

     9. COUNTERPARTS.  This Agreement may be executed in multiple  counterparts,
each of which  shall  be  deemed  an  original,  but all of  which,  when  taken
together, shall constitute but one document.

     10. FURTHER ASSURANCES.  The parties shall execute and deliver such further
instruments and do such further acts and things as may be reasonably required to
carry out the intent and purposes of this Agreement.

     11.  GOVERNING LAW. This Agreement shall be governed by and be construed in
accordance with the laws of the State of New York (excluding the laws applicable
to conflicts or choice of law).

     12.  SURVIVAL.  The  provisions  of  Sections  7 and 8  shall  survive  the
consummation of the transactions contemplated by this Agreement.

     13. ENTIRE  AGREEMENT.  This  Agreement  constitutes  the entire  agreement
between the parties hereto with respect to the transactions contemplated herein,
and supersedes all negotiations, representations,  warranties, offers, contracts
and communications relating thereto prior to the date hereof.

                            [SIGNATURES PAGE FOLLOWS]

             [SIGNATURE PAGE TO ASSIGNMENT AND ASSUMPTION AGREEMENT]

     IN WITNESS  WHEREOF,  the  parties  hereto  have  executed  this  Agreement
effective the day and year first above written.

                                   ASSIGNOR

                                   NEW YORK GAMING, LLC

                                   By:/s/ Scott A. Kaniewski
                                      ---------------------------------------
                                      Name:  Scott A. Kaniewski
                                      Title: Manager

                                   ASSIGNEE

                                   ALPHA MONTICELLO, INC.

                                   By: /s/ Thomas W. Aro
                                      ---------------------------------------
                                      Name:  Thomas W. Aro
                                      Title:sec document

                                                                   EXHIBIT 10.31
                              REDEMPTION AGREEMENT

     THIS REDEMPTION  AGREEMENT  ("AGREEMENT") is entered into as of January 12,
2004, between Catskill Development, L.L.C., a New York limited liability company
(the "COMPANY"), and Alpha Monticello, Inc., a Delaware corporation ("ALPHA").

                                    RECITALS

     WHEREAS,  Alpha is a Member of the Company and owns a  Membership  Interest
and a Capital Account in the Company;

     WHEREAS,  the Company owns all of the issued and outstanding  capital stock
of Monticello Raceway Management, Inc., a New York Corporation ("MRMI");

     WHEREAS,  the Company  desires to redeem,  and Alpha desires to transfer to
the Company, Alpha's right, title and interest in all of its Membership Interest
and Capital Account in the Company (the "REDEEMED INTEREST"), in exchange for 40
shares  of  common  stock of MRMI,  no par  value  per  share  (the  "REDEMPTION
CONSIDERATION"); and

     WHEREAS,  capitalized terms that are used in this Agreement but not defined
herein shall have the respective meanings given to them in the First Amended and
Restated Operating Agreement of the Company dated as of January 1, 1999.

     NOW,  THEREFORE,  in consideration of the premises and the mutual terms and
conditions  set forth  herein,  and intending to be legally  bound,  the parties
agree as follows:

     1. THE REDEMPTION TRANSACTION.

          (a) The Company hereby redeems and Alpha hereby assigns, transfers and
conveys all of its right,  title and  interest in the  Redeemed  Interest to the
Company. Simultaneously with the execution and delivery of this Agreement, Alpha
shall  deliver to the Company  such  instruments  as the Company may  reasonably
request in order to effect the transfer of the Redeemed Interest by Alpha to the
Company.

          (b) In  consideration  for the  transfer of the  Redeemed  Interest by
Alpha,  the Company  hereby  assigns and  transfers  to Alpha,  clear,  full and
complete  right,  title and  interest  in and to the  Redemption  Consideration.
Simultaneously  with the execution and delivery of this  Agreement,  the Company
shall  deliver  or  cause  to be  delivered  to  Alpha  the  stock  certificates
representing the Redemption Consideration,  either duly endorsed for transfer or
accompanied by the appropriate stock transfer.

     2. REPRESENTATIONS AND WARRANTIES.

          (a) Alpha represents and warrants to the Company as of the date hereof
as follows:

               (i) Alpha is the sole record and direct  beneficial  owner of the
Redeemed  Interest,  and Alpha owns the Redeemed  Interest free and clear of all

liens, security interests,  encumbrances and restrictions whatsoever,  except as
provided in the Operating Agreement of the Company.

               (ii) The execution, delivery and performance of this Agreement by
Alpha  will not (A)  violate  or  conflict  with any  term or  provision  of the
certificate  of  incorporation,  by laws or other  organizational  documents  of
Alpha,  (B)  violate  any  provision  of any  judgment,  writ,  order or  decree
(collectively, "JUDGMENT"), or any law, rule or regulation (collectively, "LAW")
that is applicable to Alpha or any of its  Affiliates,  (C) require any consent,
approval,  waiver or other action by any natural  person,  organization or legal
entity ("PERSON")  under,  constitute a default under, or give rise to any right
of termination, cancellation or acceleration of any right or obligation of Alpha
or any of its  Affiliates,  or to a loss of any benefit to which Alpha or any of
its Affiliates is entitled  under,  any material  agreement or other  instrument
binding  upon  Alpha  or any of its  Affiliates,  or (D)  require  any  consent,
approval,  waiver or other action by, or notice to, any court or  administrative
or governmental agency or body.

               (iii)  There is no action,  suit,  investigation  or  proceeding,
governmental  or otherwise  ("PROCEEDING"),  pending (or, to Alpha's  knowledge,
threatened)  against Alpha or any of its  Affiliates or any of their  respective
directors,  officers, employees or agents relating to the Redeemed Interest, nor
is  there  any  basis  for  such a  Proceeding  known  to  Alpha.  Alpha  has no
obligation,  absolute or  contingent,  to any other  Person to sell the Redeemed
Interest except as provided in the Operating Agreement of the Company.

               (iv) Alpha understands that the Redemption  Consideration has not
been registered under the Securities Act of 1933, as amended ("ACT"), and may be
resold  only  if  registered  pursuant  to the  provisions  of the  Act or if an
exemption from registration is available,  except under the circumstances  where
neither such registration nor such exemption is required by law.

          (b) The Company represents and warrants to Alpha as of the date hereof
as follows:

               (i) The Company is the sole record and direct beneficial owner of
the Redemption Consideration,  and the Company owns the Redemption Consideration
free and clear of all liens,  security interests,  encumbrances and restrictions
whatsoever.

               (ii) The execution, delivery and performance of this Agreement by
the  Company  will not (A)  violate  any  provision  of  Judgment or Law that is
applicable  to the Company or any of its  Affiliates,  (B) require any  consent,
approval,  waiver or other  action by any  Person  under,  constitute  a default
under, or give rise to any right of termination, cancellation or acceleration of
any right or obligation of the Company or any of its Affiliates, or to a loss of
any benefit to which the Company or any of its Affiliates is entitled under, any
material  agreement or other  instrument  binding upon the Company or any of its
Affiliates, or (C) require any consent,  approval, waiver or other action by, or
notice to, any court or administrative or governmental agency or body.

                                       2

               (iii)  There  is no  Proceeding  pending  (or,  to the  Company's
knowledge,  threatened)  against the Company or any of its  Affiliates or any of
their  respective  officers,  employees or agents  relating to the  transactions
contemplated  by this  Agreement,  nor is there any basis for such a  Proceeding
known to the Company. The Company has no obligation,  absolute or contingent, to
any other Person to sell any of the Redemption  Consideration except as provided
in this Agreement.

     3. MISCELLANEOUS.

          (a) All the  provisions  of this  Agreement  shall be binding upon and
inure to the benefit of and be  enforceable  by the  respective  successors  and
assigns of Alpha and the Company.

          (b) This  Agreement  shall be governed by the laws of the State of New
York (without regard to any conflict of laws principles).

          (c)  Alpha and the  Company  shall  from  time to time  after the date
hereof, at the request of any other party, execute and deliver to the requesting
party  such  other  instruments  and  documents  as  the  requesting  party  may
reasonably  require  in order  to  carry  out and  consummate  the  transactions
contemplated by this Agreement.

          (d) Any provision of this Agreement which is invalid or  unenforceable
in any  jurisdiction  shall be ineffective  to the extent of such  invalidity or
unenforceability  without invalidating or rendering  unenforceable the remaining
provisions hereof, and such invalidity or  unenforceability  in any jurisdiction
shall  not  invalidate  or render  unenforceable  such  provisions  in any other
jurisdiction.

          (e) The provisions of Section 2 shall survive the  consummation of the
transactions contemplated by this Agreement.

          (f) This Agreement may be executed in any number of counterparts, each
of which when executed and  delivered  shall be deemed to be an original and all
of which  counterparts  taken  together  shall  constitute  but one and the same
instrument.

                            [SIGNATURE PAGE FOLLOWS]

                                       3

                    [SIGNATURE PAGE TO REDEMPTION AGREEMENT]

     IN WITNESS  WHEREOF,  the parties  hereto have duly  executed and delivered
this Agreement as of the date first written above.

                                  CATSKILL DEVELOPMENT, L.L.C.

                                  By: /s/ Morad Tahbaz
                                     -----------------------------------------
                                     Name:  Morad Tahbaz
                                     Title:

                                  ALPHA MONTICELLO, INC.

                                  By: /s/ Thomas W. Aro
                                     -----------------------------------------
                                     Name:  Thomas W. Aro
                                     Title:

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