diff --git a/Tools/MonoGame.Content.Builder/PackageReferencesCollection.cs b/Tools/MonoGame.Content.Builder/PackageReferencesCollection.cs
index 65f3ca5f834..670098e153e 100644
--- a/Tools/MonoGame.Content.Builder/PackageReferencesCollection.cs
+++ b/Tools/MonoGame.Content.Builder/PackageReferencesCollection.cs
@@ -33,6 +33,9 @@ public static PackageReferencesCollection LoadBinary(string filePath)
         {
             try
             {
+                if (!File.Exists(filePath))
+                    return null;
+
                 using (Stream stream = new FileStream(filePath, FileMode.Open, FileAccess.Read, FileShare.None))
                 using (var writer = new PackageReferencesCollectionBinaryReader(stream))
                 {