Empire Resorts, Inc. and EPR Properties Announce Denial of Article 78 Petition
09 October 2013 - 12:30AM
Business Wire
Empire Resorts, Inc. (NASDAQ-GM:NYNY)(“Empire”) and EPR
Properties (NYSE:EPR) ("EPR") today announced that on October 2,
2013, the New York Supreme Court in Sullivan County (the “Court”)
denied in its entirety the Article 78 petition (the “Petition”)
filed by Louis Cappelli’s Concord Associates, L.P. (“CALP”) on or
about May 14, 2013. The Petition named the Town of Thompson and its
Town Board and Planning Board (collectively the “Thompson Parties”)
and EPR’s wholly owned subsidiary, EPT Concord II, LLC (“EPT”), as
respondents. Monticello Raceway Management, Inc. (“MRMI”), a
wholly-owned subsidiary of Empire, asked and received
Intervenor/Respondent status in the proceeding in light of its
interest in the outcome of the matter.
In its Petition, CALP challenged the actions and determinations
made by the Thompson Parties regarding the phased development (the
“Project”) of EPR’s approximately 1,500 acres at the site of the
former Concord Resort in Sullivan County, New York (the “EPT
Property”). EPR and MRMI envision MRMI developing a comprehensive
resort destination that includes a casino and a harness racetrack
and may also include one or more hotels, food and beverage outlets,
a spa facility, retail venues, space for conferences, meetings,
entertainment and special events in a multi-purpose conference
space supported by separate meeting rooms and parking facilities on
a portion of the EPR Property (the “Casino Project”). In addition
to the Casino Project, the Project is expected to include a golf
course and a resort including a variety of amenities.
Emanuel Pearlman, Chairman of the Board of Empire Resorts
stated, “We are pleased with the Court’s decision to deny CALP’s
petition, consequently allowing us to stay on track as we finalize
our resort destination plans which we expect will create thousands
of new jobs and economic activity in the Mid-Hudson region of New
York State.”
David Brain, President and CEO of EPR Properties stated, “We
continue to see positive decisions from both Federal and State
Courts in our litigation with CALP. We look forward to moving ahead
with the development of this destination resort.”
Next steps for the project include submitting detailed
construction plans to the Town, and securing remaining regulatory
approvals, including approvals from the U.S. Army Corps of
Engineers and the New York State departments of Environmental
Conservation, Transportation, and Health, prior to the commencement
of construction.
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 $3.2
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.
EPR PropertiesBrian Moriarty,
888-EPR-REITbrianm@eprkc.comorEmpire Resorts, Inc.Charles
Degliomini, 845-807-0001cdegliomini@empireresorts.com
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