Empire Resorts and EPR Properties Welcome Voter Approval of NY State Referendum Permitting Full-Scale Casino Gaming in New York
07 November 2013 - 12:00AM
Business Wire
New York State voters yesterday approved Proposition One, a
constitutional amendment authorizing full-scale casino gaming in
New York. Empire Resorts, Inc. (Nasdaq-GM: NYNY) and EPR Properties
(NYSE: EPR) welcome passage of the referendum, which we believe
represents an important next step of the two-year process through
which Empire and EPR have collaborated to master plan, design and
implement a fully integrated resort destination casino on the site
of the former Concord Resort in Sullivan County (the “Casino
Project”). Empire intends to apply for and actively pursue a
license to operate such a full-scale casino from the New York State
Gaming Commission.
“We are pleased that the people of New York have voted in favor
of Proposition One, and look forward to the opportunity to build a
first class casino facility at the site of the former Concord
Resort, which we anticipate will deliver construction and permanent
jobs, property tax relief and school funding made possible by this
legislation,” said Emanuel Pearlman, Chairman of the Board of
Empire.
David Brain, President and CEO of EPR Properties, stated, “With
this affirmative outcome we look forward to working with our
operating partner, Empire Resorts, in submitting a proposal for a
casino- anchored destination resort which will significantly
enhance the economic vitality of the surrounding community.
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
Readers are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date they
are made and which reflect management’s current estimates,
projections, expectations or beliefs and which involve risks and
uncertainties that could cause actual results and outcomes to be
materially different. Risks and uncertainties that may affect the
future results of the company include, but are not limited to,
renewal of permits and licenses relating to our existing
operations, the approval of licenses, the timing and costs of
implementing development projects, the ability to obtain financing
and other contingencies in connection with growth, and other risks
and uncertainties detailed from time to time in our filings with
the Securities and Exchange Commission.
EPR PropertiesBrian Moriarty,
888-EPR-REITbrianm@eprkc.comorEmpire Resorts, Inc.Charles
Degliomini, 845-807-0001cdegliomini@empireresorts.com
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