MONTICELLO, N.Y.--(BUSINESS WIRE)--Jan. 16, 2013--
EPR Properties (“EPR”) (NYSE: EPR), together with Empire Resorts, Inc.
and its wholly owned subsidiary, Monticello Raceway Management, Inc.
(together “Empire”) (NASDAQ-GM: NYNY) last night received approval from
the Town of Thompson Town Board on the Comprehensive Development Plan
(“CDP”), SEQRA findings and the Planned Resort Development Text
Amendments (“Amendments”) for the 1,583-acre site of the former Concord
Resort (“EPT Concord Resort”). Approval of the CDP and SEQRA findings
and the adoption of the Amendments means the joint developments can now
move forward with the submission of individual site plan applications,
thus initiating the commencement of the build-out of the proposed EPT
The transformative CDP for the EPT Concord Resort is anticipated to
create a world-class, four-season destination resort and multi-use
residential community, reigniting the Catskill tourist industry which
historically supported the regional economy. As a catalyst for economic
growth, it will transform the patterns of employment, development and
investment in the area.
As submitted, the plan includes an indoor water park, 18-hole golf
course, hotels, an RV park, and an entertainment village with a cinema
and supporting retail, and a Casino Resort (including a harness horse
racetrack, grandstand/showroom, simulcast facility, and hotel).
In addition, the plan includes a residential village with a mix of unit
types including condos, apartments, townhouses and detached single
family homes, a civic center, and an active adult residential community.
This mix of uses will be connected to abundant open space, via a
multi-use trail system.
The initial phase of development and construction includes the Casino
Resort comprising of an approximately 117-acre development area in the
southern portion of the EPT Concord Resort. It is anticipated that
construction of the Casino Resort will begin in the spring of 2013.
Shortly thereafter, it is anticipated that site plan approvals for both
the Golf Phase and select components of the Entertainment Village Phase
will be obtained with construction of all three of these elements
completed in 2014.
The Golf Phase, at approximately 229 acres, will be highlighted by the
renovation of the Monster Golf Course by Rees Jones, the “The US Open
Doctor,” and will also include the construction of the golf clubhouse,
golf maintenance building, and the golf cottages. The initial components
of the Entertainment Village Phase will likely encompass the development
of a movie theater, event field, and approximately 115,000 square feet
of commercial retail.
With the completion of the Casino Resort, the Golf Course Phase and
select components of the Entertainment Village Phase, it is anticipated
that over 1,000 new full time equivalent jobs will be created at the
site. The direct effect on the local economy from this initial phase is
estimated at approximately $290 million annually. For Sullivan County
the total annual economic activity that will result from the initial
phase of operations alone is estimated at $395 million.
After the completion of the initial three elements, subsequent phases
will include a residential village, hospitality, commercial, residential
and recreational phases utilizing the natural beauty of the entire
The development of the EPR Concord Resort is contingent upon various
conditions, including the receipt of necessary governmental approvals
and Empire’s ability to obtain financing.
About EPR Properties
EPR Properties is a specialty real estate investment trust (REIT) that
invests in properties in select market segments which require unique
industry knowledge, while offering the potential for stable and
attractive returns. Our total investments exceed $3.1 billion and our
primary investment segments are Entertainment, Recreation and Education.
We adhere to rigorous underwriting and investing criteria centered on
key industry and property level cash flow standards. We believe our
focused niche approach provides a competitive advantage, and the
potential for higher growth and better yields. Further information is
available at www.eprkc.com
About Empire Resorts
Empire Resorts owns and operates, through its subsidiary Monticello
Raceway Management, Inc., the Monticello Casino & Raceway, a harness
racing track and casino located in Monticello, New York, and is 90 miles
from midtown Manhattan. For additional information, please visit www.empireresorts.com.
Cautionary Statement Regarding Forward Looking Information
Statements in this press release regarding the company’s business
that are not historical facts are “forward-looking statements” that may
involve material risks and uncertainties. The company wishes to caution
readers not to place undue reliance on such forward-looking statements,
which statements are made pursuant to the Private Securities Litigation
Reform Act of 1994, and as such, speak only as of the date made. For a
full discussion of risks and uncertainties, which could cause actual
results to differ from those contained in the forward-looking
statements, see “Risk Factors” in the company’s Annual Report on Form
10-K for the most recently ended fiscal year, as amended, as well as the
company’s Quarterly Report on Form 10-Q for the most recently ended
Source: Empire Resorts, Inc.
Empire Resorts, Inc.