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EPR Properties And Empire Resorts Receive Approval For Destination Resort Master Plan

Stocks in this article: EPR NYNY

EPR Properties (“EPR”) (NYSE: EPR), together with Empire Resorts, Inc. and its wholly owned subsidiary, Monticello Raceway Management, Inc. (together “Empire”) (NASDAQ-GM: NYNY) last night received approval from the Town of Thompson Town Board on the Comprehensive Development Plan (“CDP”), SEQRA findings and the Planned Resort Development Text Amendments (“Amendments”) for the 1,583-acre site of the former Concord Resort (“EPT Concord Resort”). Approval of the CDP and SEQRA findings and the adoption of the Amendments means the joint developments can now move forward with the submission of individual site plan applications, thus initiating the commencement of the build-out of the proposed EPT Concord Resort.

The transformative CDP for the EPT Concord Resort is anticipated to create a world-class, four-season destination resort and multi-use residential community, reigniting the Catskill tourist industry which historically supported the regional economy. As a catalyst for economic growth, it will transform the patterns of employment, development and investment in the area.

As submitted, the plan includes an indoor water park, 18-hole golf course, hotels, an RV park, and an entertainment village with a cinema and supporting retail, and a Casino Resort (including a harness horse racetrack, grandstand/showroom, simulcast facility, and hotel).

In addition, the plan includes a residential village with a mix of unit types including condos, apartments, townhouses and detached single family homes, a civic center, and an active adult residential community. This mix of uses will be connected to abundant open space, via a multi-use trail system.

The initial phase of development and construction includes the Casino Resort comprising of an approximately 117-acre development area in the southern portion of the EPT Concord Resort. It is anticipated that construction of the Casino Resort will begin in the spring of 2013. Shortly thereafter, it is anticipated that site plan approvals for both the Golf Phase and select components of the Entertainment Village Phase will be obtained with construction of all three of these elements completed in 2014.

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