Last night the Town of Thompson Board (“Thompson Board”) voted
in favor of supporting Monticello Raceway Management, Inc.’s
(“MRMI”) application to the New York State Gaming Facility Location
Board (“Siting Board”) for a destination gaming resort license
(“Gaming Facility License”). MRMI intends to submit an application
for a Gaming Facility License at Adelaar, the four-season, $750
million destination resort planned for Sullivan County by
subsidiaries of EPR Properties (“EPR”) (NYSE:EPR) and Empire
Resorts, Inc. (“Empire”) (NASDAQ-GM:NYNY) and other
co-developers.
On Monday the Siting Board issued its Request for Applications
to Develop and Operate a Gaming Facility in New York State (“RFA”).
Pursuant to the requirements of the Upstate New York Gaming and
Economic Development Act (“Gaming Act”) and the RFA, as a condition
of filing an RFA, each applicant must submit to the Siting Board a
resolution passed by the local legislative body of its “Host
Municipality” supporting the Application. The Thompson Board’s
resolution fulfills MRMI’s initial requirement of local
support.
In its resolution, the Town Board found that by the passage of
local laws; the execution of various agreements with the Town of
Thompson and other nearby municipalities; public statements and
declarations; letters and resolutions from the Town of Thompson,
County of Sullivan, nearby local governments, private
organizations, community, religious and civic groups, charitable
organizations, entertainment venues, chambers of commerce, local
businesses, and labor organizations, received on behalf of the
Adelaar, including MRMI’s Gaming Facility, MRMI and the EPR
subsidiaries, EPR Concord II, LP and EPT Concord II, LLC
(collectively, “EPT”), have demonstrated local support from the
County of Sullivan, Town of Thompson and nearby municipalities.
Citing a host of significant and necessary steps already taken by
Adelaar’s developers towards the commencement of construction, the
Thompson Board voted in support of MRMI’s application.
The Thompson Board discussed a host of factors that led to their
decision, including approvals obtained, an extensive environmental
review, opportunity for generation of high quality jobs and support
from community groups, as well as the opportunity for economic
development that Adelaar, with MRMI’s Gaming Facility, would bring
to the Catskills.
“We could not be more honored to have the support of the Town of
Thompson for MRMI’s application. We continue to work hard to get
the all the pieces in place to plan and execute a truly
one-of-a-kind destination resort in the Catskills,” said Empire
Resorts Executive Vice President Charles Degliomini. “In addition
to enabling MRMI to demonstrate to the Siting Board local support
in fulfillment of this initial requirement of the RFA, today’s vote
reinforces the fact that for more than three years we have been
working closely with all stakeholders, including the Thompson Board
to put forth a plan that we believe maximizes community
involvement, creates thousands of jobs and provides real economic
benefits for the region. We thank the Town of Thompson for its vote
of confidence in Empire Resorts and EPR Properties.”
“Tonight’s vote validates our commitment to both the Town of
Thompson and to Sullivan County,” EPR project manager Tim Lies
said. “For the last several years, we have invested time, money and
energy in coming up with a plan that will revitalize the local
economy, create jobs and boost tourism. Having the support of the
local community is integral to making this plan a reality and we
are grateful that the Thompson Board believes in what we are
proposing. We look forward to working with local stakeholders as
the RFA process unfolds and continuing to detail our vision for
Adelaar.”
The Thompson Board’s resolution highlighted some specific
factors that influenced their vote, including*:
- by promoting a tourist destination,
which comprises a balanced mix of year round activities that
include eco-tourism and recreational venues, agri-tourism; casinos,
hotels, and resorts, and the cultural arts, the Project is
consistent with and advances regional planning initiatives such as
the Town of Thompson/Village of Monticello Comprehensive Plan
(1999) and the Sullivan County Comprehensive Plan (Sullivan 2020:
Defining an Image and Managing Change: A Strategic Plan for
Sullivan County, May 2005); and
- Adelaar also supports the Mid-Hudson
Regional Economic Development Council’s objectives by providing a
targeted investment in the region that encourages job creation and
economic vitality by creating destination hotels and casino
gambling; and
- Adelaar was named as one of the
region’s Priority Projects, and a project that the Mid-Hudson
Regional Economic Development Council believes supports the core
goals of its Strategic Plan, which can have a transformational
impact on the region; and
- as set forth in the record of various
proceedings, the approvals issued, and agreements entered into for
the Project, demonstrate significant local and regional support for
the Project and MRMI’s proposed Gaming Facility by way of public
statements and declarations, numerous letters of support from
community groups, chambers of commerce, local businesses, and labor
organizations; and
- Adelaar with the Gaming Facility, is
expected to have a significant positive impact on the Catskills
Region; and
- based upon the significant capital
investments made to date, the approvals already obtained and those
pending, and the demonstrated ability to provide financing,
construction of Phase 1 of Adelaar could begin within thirty (30)
days of an award of a Gaming Facility License to MRMI; and
- Phase 1 of Adelaar is the furthest
advanced of the Gaming Facility applications within the State;
and
- consistent with the Gaming Act, the
proposed construction and operation Adelaar, including the Gaming
Facility thereon, presents an opportunity to advance the purposes
of the Gaming Act, including, without limitation, increased
tourism, economic development, educational funding, and generation
of high quality jobs in the Town of Thompson, Sullivan County and
the region.
* Source: Thompson Board Resolution –
April 1, 2014
Officially unveiled in mid-March, the anticipated $750 million
Adelaar development is located 90 miles from New York City, is
estimated to create nearly 5,000 jobs and will sit on 1,700 acres
of land at the site of the former Concord Resort. EPR and Empire
have teamed up and Empire’s subsidiary, MRMI, intends to apply for
a Gaming Facility License to own and operate a destination gaming
resort that will include a four-star hotel. Adelaar – the Dutch
word for eagle – will feature a broad variety of leisure and
recreational programming, including an indoor waterpark hotel and
adventure park, a Rees Jones-redesigned “Monster” Golf Course,
shopping, dining and entertainment.
We expect the world-class destination gaming resort to deliver
significant economic benefits for local businesses, create
dependable local employment, and have a positive impact on tourism
in Upstate New York. The state-of-the-art and sustainable
destination is designed to offer four seasons of indoor and outdoor
activities within several distinct areas: hospitality and spa,
sports and leisure, dining, entertainment and retail, and gaming.
We believe Adelaar is uniquely positioned to achieve the tourism
and economic investment goals set forth by the Gaming Act.
Adelaar has in place essentially all of its approvals and
permits to commence construction expeditiously upon the awarding of
a Gaming Facility License to MRMI. This includes all zoning, master
development and environmental approvals for the destination resort,
as well as site plan, infrastructure and permits to commence and
complete the state-of-the-art casino and resort core, indoor
waterpark hotel, and renovation of the 18-hole Monster golf
course.
Empire previously announced that MRMI has signed a Labor Peace
Agreement with the New York Hotel and Motel Trades Council and that
MRMI’s construction manager has signed a Project Labor Agreement
with the Hudson Valley Building and Construction Trades
Council.
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 $3.5
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.
Renderings, tenant information and other details about Adelaar can
be found at www.AdelaarNY.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. Further
information is available at www.empireresorts.com
Cautionary Statement Regarding Forward Looking
Information
This press release includes "forward-looking statements"
intended to qualify for the safe harbor from liability established
by the Private Securities Litigation Reform Act of 1995. These
statements include statements about our plans, strategies,
financial performance, prospects or future events and involve known
and unknown risks that are difficult to predict. As a result, our
actual results, performance or achievements may differ materially
from those expressed or implied by these forward-looking
statements. In some cases, you can identify forward-looking
statements by the use of words such as "may," "could," "expect,"
"intend," "plan," "seek," "anticipate," "believe," "estimate,"
"predict," "potential," "continue," "likely," "will," "would" and
variations of these terms and similar expressions, or the negative
of these terms or similar expressions. Such forward-looking
statements are necessarily based upon estimates and assumptions
that, while considered reasonable by EPR, Empire and their
respective management teams, are inherently uncertain. Factors that
may cause actual results to differ materially from current
expectations include, among others, levels of spending in business
and leisure segments as well as consumer confidence; the parties'
plans for signing and closing on definitive transaction documents;
the construction commencement date for the development project;
relationships with associates and labor unions and changes in labor
law; the financial condition of, and our relationships with,
third-party property owners and hospitality venture partners; risk
associated with the introduction of new brand concepts; changes in
the competitive environment in our industry and the markets where
we operate; the timing of the receipt of regulatory and
governmental approvals for the development project, including the
issuance of a destination gaming resort license to Empire Resorts,
changes in federal, state or local tax law; general volatility of
the capital markets and the ability of Empire to access the capital
markets to secure necessary financing. A more complete description
of these risks and uncertainties can be found in the filings of EPR
and Empire Resorts with the U.S. Securities and Exchange
Commission. We caution you not to place undue reliance on any
forward-looking statements, which are made as of the date of this
press release. EPR and Empire Resorts undertake no obligation to
update publicly any of these forward-looking statements to reflect
actual results, new information or future events, changes in
assumptions or changes in other factors affecting forward-looking
statements, except to the extent required by applicable laws. If we
update one or more forward-looking statements, no inference should
be drawn that we will make additional updates with respect to those
or other forward-looking statements.
EPR PropertiesBrian Moriarty,
888-EPR-REITbrianm@eprkc.comorEmpire Resorts, Inc.Charles
Degliomini, 845-807-0001cdegliomini@empireresorts.com
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