EPR Properties and Empire Resorts Receive Approval for Destination Resort Master Plan
17 January 2013 - 12:30AM
Business Wire
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
Concord Resort.
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 parcel.
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 fiscal
quarter.
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