Empire Resorts, Inc. (NasdaqGM:NYNY) announced that it has entered into a purchase agreement for private placement of 1,260 series F preferred stock at a price of $100,000 for gross proceeds of at least $126,000,000 with existing investor Kien Huat Realty III Ltd. on November 5, 2018. The preferred stock is convertible into common shares of the company in whole or in part at the option of the investor in such amount equal to the stated value divided by $20 multiplied by the number of shares of preferred shares being converted at any time prior to December 31, 2038. The company will pay funding fees of 1% in the transaction. The transaction will take place in tranches. The company will receive $12,000,000 in first tranche, $20,000,000 in second and third tranche each, $15,000,000 in fourth tranche, $37,000,000 in fifth tranche, and $22,000,000 in sixth tranche expected to occur on November 9, 2018, February 15, 2019, May 15, 2019, August 15, 2019, November 15, 2019, and March 15, 2020 respectively. The shares are restricted in nature. The company may terminate the transaction by April 15, 2020 if amount has not been received by the company.