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                                                                   EXHIBIT 10.25

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              ----------------------------------------------------

                          CATSKILL DEVELOPMENT, L.L.C.
                                       and
                       MONTICELLO RACEWAY MANAGEMENT, INC.

                      -------------------------------------

                        TERMINATION OF AGREEMENT OF LEASE

                      -------------------------------------

This instrument affects real and personal property situated,  lying and being in
the Village of Monticello,  Town of Thompson,  County of Sullivan,  State of New
York, known as follows:

Section 101,  Block 1, Lot 1.1
Section 101,  Block 1, Lot 1.3
Section 102, Block 4, Lot 1
Section 12, Block 1, Lot 37.6
Section 12, Block 1, Lot 46.2
Section 12, Block 1, Lot 48
Section 12, Block 1, Lot 64

RECORD AND RETURN TO:

Latham & Watkins LLP
885 Third Avenue, Suite 1000
New York, New York 10022-4802

Attn: Mark Leskiw

Latham & Watkins File No.: 038294-0001

                        TERMINATION OF AGREEMENT OF LEASE

            THIS TERMINATION OF AGREEMENT OF LEASE (the  "TERMINATION")  is made
and entered  into as of July 26,  2004 (the  "EFFECTIVE  DATE"),  by and between
CATSKILL  DEVELOPMENT,  L.L.C.,  a New York  limited  liability  company,  whose
address  is c/o  Monticello  Raceway,  Route  17B,  Monticello,  New York  12701
("CATSKILL"),  and MONTICELLO RACEWAY MANAGEMENT,  INC., a New York corporation,
whose address is c/o Monticello Raceway,  Route 17B, Monticello,  New York 12701
("MRMI").  This  Termination  is entered into with  reference  to the  following
facts:

            A. On October 29, 2003,  Catskill and MRMI entered into that certain
Agreement of Lease,  as amended by Amendment No. 1 to Agreement of Lease,  dated
as of January 12, 2004 and further  amended by  Amendment  No. 2 to Agreement of
Lease,  dated as of July 26, 2004 (as amended,  the "AGREEMENT"),  affecting the
real property described on EXHIBIT A (the "Premises").

            B. A memorandum of this Agreement was recorded on  ______________ in
the  Official  Records  of  Sullivan  County,  at Book  _________________,  Page
________________.

            C.  Catskill is selling  the  premises to MRMI as of the date hereof
and the parties desire to terminate the Agreement.

            NOW THEREFORE the parties agree and give notice as follows.

            1.  TERMINATION.  The parties hereby  terminate the  Agreement.  The
Agreement is hereby declared to be of absolutely no force or effect.  Each party
hereby releases,  cancels, annuls, rescinds,  discharges,  disclaims, waives and
releases  any and all rights and benefits it may have under the  Agreement,  and
unconditionally  releases each of the other party(ies) to the Agreement from any
and all obligations  under the Agreement except to the extent such  obligations,
if  any,  survive  termination  of the  Agreement  by  the  terms  thereof.  All
obligations  of all parties under the Agreement  have been  performed in full or
waived except to the extent such obligations, if any, survive termination of the
Agreement by the terms thereof.

            2.  NO   CONSTRUCTIVE   NOTICE.   Neither  the  Agreement  nor  this
Termination shall be deemed to give any person  constructive notice of any facts
or circumstances whatsoever.

            3.  FURTHER  ASSURANCES.  Each party  agrees to execute  any further
documentation that any title insurance company shall require in order to further
evidence  the  termination  of the  Agreement  or to enable any title  insurance
company to issue policy(ies) of title insurance without any reference whatsoever
to the Agreement or the rights of any party thereunder.

            4. NO CONDITIONS. This Termination is absolutely unconditional.

            5. PARTIES.  This Termination shall bind and benefit the parties and
their  successors  and  assigns,  and may be relied upon by any title  insurance
company and any prospective  purchaser,  lessee, or mortgagee of the Premises or
any interest therein.

            IN WITNESS WHEREOF, Catskill and MRMI have executed this Termination
as of the Effective Date.

            CATSKILL DEVELOPMENT, L.L.C.            MONTICELLO RACEWAY
                                                    MANAGEMENT, INC.

            By: /s/ Morad Tahbaz                    By: /s/ Cliff Ehrlich
            ---------------------------                 ------------------------
            Its:  President                             Its: Sr. Vice President

Attachments:

                        Acknowledgments
                        Exhibit A = Legal Description

                                 ACKNOWLEDGMENTS

STATE OF NEW YORK       )
                        ) SS.:
COUNTY OF NEW YORK      )

            On the 22nd day of July in the year 2004 before me, the undersigned,
personally appeared Morad Tahbaz,  personally known to me or proved to me on the
basis of satisfactory  evidence to be the individual whose name is subscribed to
the within  instrument and  acknowledged  to me that he executed the same in his
capacity, and that by his signature on the instrument,  such individual, and the
entity upon behalf of which t individual acted, executed the instrument.

                                                       Corrie Peach
                                                       -----------------------
                                                       NOTARY PUBLIC

STATE OF NEW YORK       )
                        ) SS.:
COUNTY OF ________      )

            On the ________ day of  __________________________  in the year 2004
before       me,       the        undersigned,        personally        appeared
__________________________________,  personally  known to me or  proved to me on
the basis of satisfactory evidence to be the individual whose name is subscribed
to the within instrument and acknowledged to me that he executed the same in his
capacity, and that by his signature on the instrument,  such individual, and the
entity upon behalf of which t individual acted, executed the instrument.

                                                       -----------------------
                                                       NOTARY PUBLIC

                                 ACKNOWLEDGMENTS

STATE OF NEW YORK       )
                        ) SS.:
COUNTY OF SULLIVAN      )

            On July 22, 2004 before me, the undersigned,  a notary public in and
for said state,  personally  appeared CLIFF EHRLICH,  personally  known to me or
proved to me on the basis of  satisfactory  evidence to be the individual  whose
name is  subscribed  to the within  instrument  and  acknowledged  to me that he
executed the same in his capaccity, and that by his signature on the instrument,
the  individual,  or the  person  upon  behalf  of which the  individual  acted,
executed the instrument.

                                               Donna J. Bradbury
                                               ----------------------------
                                               Notary Public

                                    EXHIBIT A

                                LEGAL DESCRIPTION

All that certain plot, piece of parcel of land lying and being in the Village of
Monticello,  Town of  Thompson,  County of Sullivan  and State of New York being
more particularly bounded and described and designated as Parcels No. 1 and 2 on
the Final Revised  Subdivision  Plat of Lands of Catskill  Development,  L.L.C.,
dated May 25, 1999, made by T.M. Depuy, Engineering & Land Surveying,  P.C., and
filed in the Office of the Sullivan  County Clerk on February 4, 2000 as Map No.
8-271, together with and subject to easements as shown thereon.

TOGETHER WITH, that certain 3.62 acre parcel in the Village of Monticello,  Town
of  Thompson,  County  of  Sullivan  and  State  of New York  more  particularly
described as:

BEGINNING at a concrete  highway  monument  found on the east bounds of New York
State Route  17-Quickway,  said point of beginning  being the southwest comer of
lands of Lofkowitz  as described in Liber 724 of Deeds at Page 1121,  said point
of beginning being on the northerly line of the premises originally described in
Liber 552 of Deeds at Page 314; and

RUNNING  THENCE from said place of  beginning  South 66 degrees 14 minutes  East
174.92 feet leaving said  highway  bounds and passing  along the South bounds of
lands of said  Leikowitz  to a point on the west  bounds of County  Road No. 174
(formerly N.Y.S. Route 17);

THENCE the  following  courses and distances  along the westerly  bounds of said
County Road:

South 18 degrees 07 minutes East 350.00 feet;

South 29 degrees 25 minutes East 200.00  feet;

South 44 degrees 22 minutes East 610.00  feet;

South 33 degrees 08 minutes East 231.79 feet; and

South 18 degrees 46 minutes 125.00 feet to a point on the easterly bounds of New
York State Route 17-Quickway;

THENCE  the  following   courses  and  distances  along  said  Quickway  bounds:

North 46 degrees 41 minutes  West  531.00  feet to a concrete  highway  monument
found;

North 40 degrees 20 minutes  West  363.11  feet to a concrete  highway  monument
found;

North 32 degrees 00 minutes  West  403.67  feet to a concrete  highway  monument
found;

North 21 degrees 46 minutes  West  289.81  feet to a concrete  highway  monument
found; and

North 13 degrees 46 minutes West 75.43 feet to the point or place of BEGINNING.

Containing  3.62 acres of land,  as surveyed by George H. Fulton,  Licensed Land
Surveyor, in February, 1995.sec document

                                                                   Exhibit 10.27

THIS NOTE HAS NOT BEEN  REGISTERED  UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "ACT"),  OR UNDER ANY STATE  SECURITIES  LAW AND MAY NOT BE PLEDGED,  SOLD,
ASSIGNED OR  TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE  REGISTRATION  STATEMENT
WITH RESPECT THERETO UNDER THE ACT AND ANY APPLICABLE  STATE  SECURITIES LAW, OR
UNLESS THE COMPANY RECEIVES AN OPINION OF COUNSEL,  SATISFACTORY TO THE COMPANY,
THAT SUCH REGISTRATION IS NOT REQUIRED.

                              EMPIRE RESORTS, INC.

                          Subordinated Promissory Note

January 9, 2004                                                    $4,932,936.84

     Empire Resorts,  Inc., a Delaware corporation (together with its successors
and assigns,  the "Issuer"),  for value received,  hereby promises to pay to the
order of The Bryanston  Group  (together with its  successors,  transferees  and
assigns,  the  "Noteholder")  the  principal  sum of  $4,932,936.80  (the  "Note
Amount"),  in the amounts and on the dates ("Note  Amount  Repayment  Date") set
forth below:

                  DATE                                 AMOUNT
                  ----                                 ------
      (1 Year Anniversary of Note)           (13.33% of the Note Amount)
      (18 Month Anniversary of Note)         (17.78% of the Note Amount)
      (2 Year Anniversary of Note)           (22.22% of the Note Amount)
      (30 Month Anniversary of Note)         (26.67% of the Note Amount)
      (3 Year Anniversary of Note)           (20.00% of the Note Amount)

     1. INTEREST. The Issuer further promises to pay interest on the unpaid Note
Amount from the date hereof until the Note is paid in full  (whether at maturity
or  prepayment),  payable  on each Note  Amount  Repayment  Date,  at the simple
interest rate of seven percent (7%) per annum.

     2.  PREPAYMENT.  The Issuer may at its option,  at any time or from time to
time,  prepay this Note (and  accrued  interest),  in whole or in part,  without
premium or penalty.  Any such optional prepayment shall be applied to reduce the
unpaid Note Amount installments, in direct order of maturity (such that the Note
Amount next due shall be repaid first).

     3. ISSUER REGISTER. The Issuer shall keep a register at its principal place
of business (the "Register") in which it shall enter the  Noteholder's  name and
address as set forth above. For the purpose of paying principal and any interest
on this Note,  the Issuer  shall be  entitled to rely on the name and address in
the Register.

     4.  TRANSFER.  This Note is  neither  assignable  nor  transferable  by the
Noteholder without the Issuer's prior written consent.

                                      -1-

     5. NO WAIVER.  No failure by the  Noteholder  to exercise,  and no delay in
exercising, any right hereunder shall operate as a waiver thereof; nor shall any
single or partial exercise of any right hereunder  preclude any other or further
exercise  thereof or the  exercise of any other  right.  The  remedies  provided
herein are cumulative and not exclusive of any remedies provided by law.

     6.  ACCELERATION.  In case one or more of the following  events ("Events of
Default") (whatever the reason for such Event of Default and whether it shall be
voluntary or  involuntary  or be effected by operation of law or pursuant to any
judgment,  decree or order of any court or any order,  rule or regulation of any
administrative or governmental body) shall have occurred and be continuing:

          (a)  failure by the  Issuer to pay all or any part of the Note  Amount
within ten (10) business days after the same shall become due and payable; or

          (b)  failure by the Issuer to pay all or any part of the  interest  on
the Note  within ten (10)  business  days  after the same  shall  become due and
payable; or

          (c) the  Issuer  becomes  the  subject  of any  voluntary  bankruptcy,
insolvency or similar proceeding,  or any involuntary bankruptcy,  insolvency or
similar proceeding not stayed or dismissed within sixty (60) days of filing,

then:  (i) except in the case of an Event of Default  specified  in Section 6(c)
hereof,  the  Noteholder,  by notice in writing to the  Issuer,  may declare the
aggregate  Note  Amount  to be due and  payable  immediately,  and upon any such
declaration  the same shall  become  immediately  due and payable and (ii) if an
Event of Default specified in Section 6(c) occurs,  the Note Amount shall become
and be immediately  due and payable  without any declaration or other act on the
part of the Noteholder.

     7. NO  ACTION.  The  Issuer  shall not by any  action,  including,  without
limitation,    amending   its   certificate   of   incorporation   through   any
reorganization,   reclassification,   merger,  consolidation,   sale,  transfer,
disposition,  dissolution,  winding up, issue or sale of securities or any other
voluntary action, avoid or seek to avoid the observance or performance of any of
the  terms of this  Note,  but will at all  times in good  faith  assist  in the
carrying  out of all such terms and in the taking of all such  actions as may be
reasonably  necessary  or  appropriate  to protect the rights of the  Noteholder
against impairment.

     8. COSTS; EXPENSES. Should the Noteholder initiate an action to enforce the
provisions of this Note, then the prevailing party in such action, as determined
by the court, agency,  tribunal or other body with jurisdiction over the action,
shall be reimbursed its reasonable fees and out-of-pocket expenses of counsel in
connection with such action.

     9.  AMENDMENT.  This Note may only be  amended by a written  instrument  or
instruments executed by both the Issuer and the Noteholder.

     10.  SENIOR  DEBT.  This Note  shall be senior to all  existing  and future
indebtedness  of the Issuer  other than  indebtedness  created  pursuant to that
certain  promissory note issued by the Issuer to Societe Generale on December 9,
2002 for the principal sum of $1,600,000.

                                      -2-

     11.  WAIVERS.   The  Issuer  hereby  waives  any  requirements  of  demand,
presentment for payment, notice of dishonor, notice of protest and protest.

     12.  GOVERNING  LAW;  FORUM.  This  agreement  shall be  governed  by,  and
construed and interpreted in accordance  with, the laws of the state of New York
without reference to the choice of laws provisions thereof.  Any action, suit or
proceeding initiated by any party hereto against any other party hereto under or
in  connection  with this Note shall be brought in any state or federal court in
the  State of New York.  Each  party  hereto  submits  itself  to the  exclusive
jurisdiction  of any such court,  waives any claims of forum non  conveniens and
agrees  that  service of  process  may be  effected  on it by the means by which
notices are to be given pursuant to this Note.

     13.  NOTICES.  All  notices  (including  other  communications  required or
permitted)  under  this Note must be in  writing  and must be  delivered  (a) in
person,  (b) by registered or certified mail,  postage  prepaid,  return receipt
requested,  (c) by a generally  recognized  courier or  messenger  service  that
provides written  acknowledgment of receipt by the addressee or (d) by facsimile
or other generally accepted means of electronic transmission with a verification
of delivery. Notices are deemed delivered when actually delivered to the address
for notices.  Notices to the Noteholder  must be given to its last known address
appearing  on the  Register  and  notices  to the  Issuer  must be  given at its
principal  place of business.  Any party may furnish,  from time to time,  other
addresses for notices to it.

     IN  WITNESS  WHEREOF,  Issuer has caused  this Note to be  executed  by its
officer thereunto duly authorized as of the date first above written.

                                  EMPIRE RESORTS, INC.

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

                                      -3-

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