Empire Resorts, Inc. (NASDAQ: NYNY) (“Empire”) along with the management teams of Entertainment Properties Trust (“EPR”) and MSEG, LLC (together the “Companies”) reported that in furtherance of the exclusivity agreement that was announced on April 12, 2011, they have reached a Master Development Agreement Term Sheet (“Term Sheet”) for the joint development of the Companies’ respective properties located in Sullivan County, NY. Empire owns and operates Monticello Casino and Raceway and EPR is the sole owner of Concord EPT, comprising 1,400 acres located at the site of the former Concord Resort. The Companies will continue to deal exclusively with each other until October 11, 2011, as set forth in the previously announced exclusivity agreement.
The Term Sheet sets forth the basis on which the Companies will work together to develop a comprehensive, integrated destination resort on the site of the former Concord Resort. The Term Sheet addresses the creation of a casino/entertainment facility and non-gaming amenities to complement the casino, which will offer Sullivan County additional tourism opportunities.
About Entertainment Properties Trust
Entertainment Properties Trust (NYSE: EPR) is a specialty real estate investment trust (REIT) that invests in properties in select categories which require unique industry knowledge, while offering the potential for stable and attractive returns. The company’s total assets exceed $2.9 billion and include megaplex movie theatres and adjacent retail, public charter schools and other destination recreational and specialty investments. For more information, please visit www.eprkc.com.About MSEG LLC MSEG LLC is a real estate development and management company which concentrates on properties in the sports, entertainment and hospitality industry. MSEG LLC has been selected by the City of Davenport as the developer of the new land based casino in Davenport, Iowa, MSEG LLC is also involved in the ownership and operation of the Lake Erie Crushers in Avon, Ohio. The Crushers are a professional minor league baseball team that plays in the Independent Frontier Baseball League.