EPR Properties (NYSE: EPR) (“EPR”) is pleased to announce that Empire
Resorts, Inc.’s (“Empire”) wholly owned subsidiary, Montreign Operating
Company, LLC (“Montreign”), its partner for the Gaming venue within
EPR’s planned Adelaar four-season destination resort, has been selected
in a unanimous vote by the New York State Gaming Facility Location Board
(the “Board”) to apply to the New York State Gaming Commission (the
“Gaming Commission”) for a Gaming Facility License.
Montreign is the only applicant in its region to be selected by the
Board after a rigorous application process. A Gaming Facility License
will be awarded by the Gaming Commission upon confirmation of the
applicant’s suitability and their respective ability to complete the
Montreign Resort Casino, (the “Gaming Facility”). If awarded a Gaming
Facility License, construction of the Gaming Facility should commence
immediately as financing commitments and essentially all approvals and
permits are in place.
Located just 90 minutes from New York City in the Catskills, Adelaar is
poised to become one of the most comprehensive lifestyle and gaming
destinations in the northeastern United States. Adelaar will feature a
variety of world-class leisure and recreational options, including an
indoor waterpark lodge and adventure park, an entertainment village, a
Rees Jones redesigned “Monster” Golf Course and premier restaurants,
shopping and entertainment. The development is expected to deliver
significant economic benefits for local businesses, create dependable
local employment, and have a positive impact on tourism in Upstate New
York.
David Brain, President and Chief Executive Officer of EPR Properties
commented, “The Board’s decision is a critical step for EPR in realizing
the larger vision of Adelaar, as the Montreign Resort Casino serves as
the activating component to make this game changing project come to
life. We certainly appreciate the time and effort put forth by the Board
and look forward to finalizing the remaining necessary regulatory
approvals.”
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 $3.9 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.
Copyright Business Wire 2014