Empire Resorts, EPT to develop resort at former Concord Resort site

theflyonthewall.com

Empire Resorts disclosed in a regulatory filing that EPT Concord and Monticello Raceway Management, a subsidiary of Empire Resorts (NYNY), entered into a Master Development Agreement with respect to the development, construction, operation, management and disposition of the integrated destination resort and community to be developed by the parties on the 1,500 acres owned by EPT and located at the site of the former Concord Resort. More specifically, the parties envision developing a comprehensive resort destination that includes a "Casino Project," a golf course and a resort including a variety of amenities. The parties have agreed that the project will include an aggregate total “qualified capital investment” of $600M on the development of the project in accordance with statutory guidelines. Monticello Raceway shall be responsible for the development and construction of the Casino Project, which shall include the casino and a harness racetrack and may also include one or more hotels, food and beverage outlets, a spa facility, retail venues, space for conferences, meetings, entertainment and multi-function events and parking facilities. Monticello Raceway has agreed to invest a minimum of $300M in the development and construction of the Casino Project. Furthermore, Monticello Raceway has agreed to construct the Casino Project such that a substantial portion is completed within the project schedule agreed to by the parties, with construction commencing on or about March 31, 2013.

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