Concord Associates LP

Concord rendering

Concord Resort

David Hanlon, CEO of Empire Resorts, says in a prepared statement that the completion of the equity financing and the pending IDA financing "mark two critical milestones for our company." Hanlon continues that "we are hopeful that foundation building permits will be issued in the next few days with concrete work for the new hotel and convention center to begin almost immediately. Demolition of the former structures on the site, which began late spring, is complete."

Louis Cappelli, Concord Associates managing member, says in a prepared statement that the completion of the equity financing and the Sullivan County IDA's action, allows the redevelopment of the Concord Resort to take a step toward becoming a reality. "The economic incentives provided by the IDA combined with the closing of our equity financing will spur the long overdue revitalization of the Catskills."

Since 1999, Capelli's firm has had a $100-million investment in Sullivan County, in terms of site work at the site, infrastructure improvements, enhancements to the Monster Golf Course at the Concord, as well as, in taxes paid for the properties it owns. Cappelli says his revised development plan of more than $1 billion is necessary, because without casino gaming, a project of this size is required to serve as a catalyst for growth elsewhere in Sullivan County. Cappelli also owns the Grossingers resort in Ferndale and has an option to purchase Kutsher's Sports Academy in Monticello.

Following the tax rate revenue modification, Gov. Paterson said in a prepared statement that "there was a time when the Catskills were the pre-eminent vacation destination on the entire East Coast. The beauty and majesty of the region has not changed, and this deal will help return the Catskills to their former glory, a destination spot. …Government and the private sector have worked together to structure a deal that will at least double the amount of money for education that the State expected to generate from the Monticello Racetrack and to create 2,000 permanent new jobs." Sources did not return GlobeSt.com queries by deadline.

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Concord Finalizes Equity Loan for $1.1B Redo

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