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

YONKERS, N.Y., April 27, 2011 /PRNewswire/ -- Yonkers Racing Corporation ("Yonkers") announced today that it commenced a 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, subject to market and other customary conditions.  Yonkers intends to use 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, and any remaining net proceeds will be used for general corporate purposes.

The Notes to be offered by Yonkers will not be, and have not been, 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.  This press release shall not constitute an offer to sell or a solicitation of an offer to buy such Notes.

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 5,352 gaming positions including 5,270 slot machines and 82 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