New York State voters yesterday approved Proposition One, a constitutional amendment authorizing full-scale casino gaming in New York. Empire Resorts, Inc. (Nasdaq-GM: NYNY) and EPR Properties (NYSE: EPR) welcome passage of the referendum, which we believe represents an important next step of the two-year process through which Empire and EPR have collaborated to master plan, design and implement a fully integrated resort destination casino on the site of the former Concord Resort in Sullivan County (the “Casino Project”). Empire intends to apply for and actively pursue a license to operate such a full-scale casino from the New York State Gaming Commission.
“We are pleased that the people of New York have voted in favor of Proposition One, and look forward to the opportunity to build a first class casino facility at the site of the former Concord Resort, which we anticipate will deliver construction and permanent jobs, property tax relief and school funding made possible by this legislation,” said Emanuel Pearlman, Chairman of the Board of Empire.
David Brain, President and CEO of EPR Properties, stated, “With this affirmative outcome we look forward to working with our operating partner, Empire Resorts, in submitting a proposal for a casino- anchored destination resort which will significantly enhance the economic vitality of the surrounding community.
About EPR PropertiesEPR 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 $3.2 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