Yonkers Racing Corporation Announces Closing of Private $100 Million Debt Offering

May 13, 2011

YONKERS, N.Y., May 13, 2011 /PRNewswire/ — Yonkers Racing Corporation (“Yonkers”) announced today that it closed its previously announced private offering of an additional $100 million principal amount of its 11 3/8% Senior Secured Notes due 2016 (the “Notes”) to qualified institutional buyers under Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”) and non-U.S. persons in reliance on Regulation S under the Securities Act. Yonkers used the net proceeds from the offering to repay its 13.25% Senior Subordinated Notes due 2013 (the “Subordinated Notes”) and to repurchase certain warrants to purchase shares of its class A common stock which were issued in connection with the issuance of the Subordinated Notes. Any remaining net proceeds will be used for general corporate purposes.

The Notes sold by Yonkers are not, and will not be, registered under the Securities Act, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the Securities Act and applicable state securities laws.

None of the Securities and Exchange Commission or any state securities commission, the State of New York, the New York State Division of the Lottery or any other gaming authority, or any other regulatory agency has approved or disapproved of the Notes. Any representation to the contrary is unlawful.

About Yonkers

Yonkers Raceway, one of the preeminent horse racing facilities in North America, was founded in 1899 as the Empire City Trotting Club, and has been owned and operated since 1972 by the Rooney family of Pittsburgh, Pennsylvania. Yonkers’ facility is located on 97 acres in Yonkers, New York, which is approximately 15 miles from New York City’s Times Square. Yonkers’ current operations are comprised of a gaming and entertainment facility which includes the Empire City Casino – a 140,000 square-foot casino featuring 5,354 gaming positions including 5,270 slot machines and 84 electronic table games (introduced in December 2010), and Yonkers Raceway – a harness race track featuring pari-mutuel wagering on live and simulcast horse races.

SOURCE Yonkers Racing Corporation

Source: newswire

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