MONTICELLO, NY-Partners on a major casino resort project here in Kiamesha Lake, Empire Resorts Inc. and EPR Properties report today that their respective subsidiaries have agreed to amend an option agreement for their project to be built at the former Concord Resort property here.
Emanuel Pearlman, chairman of the board of Empire Resorts, states, “We are pleased to enter into this Option Agreement with EPR further enhancing the relationship between our companies. Importantly, the Option Agreement provides the flexibility required to accommodate any outcome of the November 2013 New York State Constitution Amendment referendum. Consequently, we are well-positioned to provide upstate New York with desperately needed economic development and jobs.”
David Brain, president and CEO of EPR Properties, adds, “This new Option Agreement allows us to be responsive to the outcomes of the New York State Constitution Amendment referendum, and enables maximum utilization of our existing land investment in Sullivan County.”
Based on the amendment, MRMI's option to lease the property is extended to various future dates based upon whether or not the amendment to the New York State Constitution authorizing up to seven non-tribal casinos is approved by voters at the November 2013 referendum. MRMI may extend the term of the Option Agreement on a monthly basis, by paying monthly fees that escalate annually, until a future date based upon certain trigger events, company officials state.
The Town of Thompson adopted the comprehensive final site development plan for Phase 1 of the project on July 10, 2013. Empire has also signed a Project Labor Agreement with the Hudson Valley Building & Construction Trades Council, as well as an executed Labor Peace Agreement with the New York Hotel and Motel Trades Council.
Phase 1 of the Concord Resort project includes a casino resort with a hotel, harness horse racetrack, grandstand/showroom, simulcast facility, banquet event center, restaurants, parking facilities, and infrastructure components. For Sullivan County the total annual economic activity expected to result from the initial phase of operations alone is estimated at $395 million, company officials state.
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