The Golf Phase, at approximately 229 acres, will be highlighted by the renovation of the Monster Golf Course by Rees Jones, the “The US Open Doctor,” and will also include the construction of the golf clubhouse, golf maintenance building, and the golf cottages. The initial components of the Entertainment Village Phase will likely encompass the development of a movie theater, event field, and approximately 115,000 square feet of commercial retail.
With the completion of the Casino Resort, the Golf Course Phase and select components of the Entertainment Village Phase, it is anticipated that over 1,000 new full time equivalent jobs will be created at the site. The direct effect on the local economy from this initial phase is estimated at approximately $290 million annually. For Sullivan County the total annual economic activity that will result from the initial phase of operations alone is estimated at $395 million.
After the completion of the initial three elements, subsequent phases will include a residential village, hospitality, commercial, residential and recreational phases utilizing the natural beauty of the entire parcel.
The development of the EPR Concord Resort is contingent upon various conditions, including the receipt of necessary governmental approvals and Empire’s ability to obtain financing.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 $3.1 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 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. For additional information, please visit www.empireresorts.com. Cautionary Statement Regarding Forward Looking Information Statements in this press release regarding the company’s business that are not historical facts are “forward-looking statements” that may involve material risks and uncertainties. The company wishes to caution readers not to place undue reliance on such forward-looking statements, which statements are made pursuant to the Private Securities Litigation Reform Act of 1994, and as such, speak only as of the date made. For a full discussion of risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in the company’s Annual Report on Form 10-K for the most recently ended fiscal year, as amended, as well as the company’s Quarterly Report on Form 10-Q for the most recently ended fiscal quarter.
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