Empire Resorts Announces Extension of Exclusivity Agreement with Entertainment Properties Trust and MSEG LLC
02 December 2011 - 5:00AM
Business Wire
Empire Resorts, Inc., (NASDAQ-GM: NYNY) (Empire) today announced
the extension of the exclusivity agreement with Entertainment
Properties Trust (EPR) and MSEG LLC for the joint development of
the companies’ respective properties located in Sullivan County,
New York. Empire owns and operates Monticello Casino and Raceway
and EPR is the sole owner of Concord EPT, comprising 1,500 acres
located at the site of the former Concord Resort.
The previously announced exclusivity agreement, as amended,
commits the respective parties to work together exclusively for
seven months to explore development opportunities of both
properties through November 30, 2011. In light of the substantial
progress made on the joint development plan to date, the parties
have agreed to extend the term of exclusivity until December 21,
2011 to allow time to complete the definitive agreements.
About Entertainment Properties Trust
Entertainment Properties Trust (NYSE:EPR) is a specialty real
estate investment trust (REIT) that invests in properties in select
categories which require unique industry knowledge, while offering
the potential for stable and attractive returns. The company’s
total assets exceed $2.9 billion and include megaplex movie
theatres and adjacent retail, public charter schools and other
destination recreational and specialty investments. For more
information, please visit www.eprkc.com.
About MSEG LLC
MSEG LLC is a real estate development and management company
which concentrates on properties in the sports, entertainment and
hospitality industry. MSEG LLC has been selected by the City of
Davenport as the developer of the new land based casino in
Davenport, Iowa. MSEG LLC is also involved in the ownership and
operation of the Lake Erie Crushers in Avon, Ohio. The Crushers are
a professional minor league baseball team that plays in the
Independent Frontier Baseball League.
About Empire Resorts
Empire Resorts owns and operates the Monticello Casino &
Raceway, a harness racing track and casino located in Monticello,
New York and 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 1995, 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 fiscal
quarter.
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