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.
Copyright Business Wire 2014