Empire Resorts, Inc.’s (“Empire”) (NASDAQ-GM: NYNY) wholly owned subsidiary, Monticello Raceway Management, Inc. (“MRMI”), and the New York Hotel and Motel Trades Council (“NYHMTC”), the union that represents approximately 100 workers at the Monticello Casino and Raceway, today announced a Labor Peace Agreement (“LPA”) for MRMI’s proposed racetrack, casino and hotel at the site of the former Concord Resort. The parties also announced a new five year Collective Bargaining Agreement (“CBA”) for NYHMTC members employed by MRMI, which includes annual salary increases, sets wages for new hires and addresses employee contributions toward health benefits.
“These agreements are great for existing workers and the entire community,” said Peter Ward, President of NYHMTC. “Empire is not only a strong union partner, but a strong community partner, committed to creating good jobs in a region that desperately needs them. We look forward to supporting them as they seek to create even more good union jobs at the new facility.”
Empire’s CEO Joseph D’Amato said, “We look forward to continuing our good working relationship with strong partners like Peter Ward and the NYHMTC at our current facility. We are simultaneously moving forward with our development plans at the site of the former Concord Resort. In conjunction with Entertainment Properties Trust (NYSE: EPR), this planned family and entertainment destination will create transformative job opportunities for residents of Sullivan County and the Catskills region.”
Empire/MRMI and Entertainment Properties Trust have presented a comprehensive master development plan for 1,500 acres at the site of the former Concord Resort, conceived by the industry-leading architect and master planning firm Hart Howerton. Bringing new energy to a region with rich history, the planned destination resort is expected to include a casino, hotel and harness racetrack (designed by JCJ Architecture, a nationally recognized casino architectural firm), specialty lodging, and championship golf experience, complimented by retail, dining, entertainment and recreational uses, and new residential communities.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV