Last night the Town of Thompson Board (“Thompson Board”) voted in favor of supporting Monticello Raceway Management, Inc.’s (“MRMI”) application to the New York State Gaming Facility Location Board (“Siting Board”) for a destination gaming resort license (“Gaming Facility License”). MRMI intends to submit an application for a Gaming Facility License at Adelaar, the four-season, $750 million destination resort planned for Sullivan County by subsidiaries of EPR Properties (“EPR”) (NYSE:EPR) and Empire Resorts, Inc. (“Empire”) (NASDAQ-GM:NYNY) and other co-developers.
On Monday the Siting Board issued its Request for Applications to Develop and Operate a Gaming Facility in New York State (“RFA”). Pursuant to the requirements of the Upstate New York Gaming and Economic Development Act (“Gaming Act”) and the RFA, as a condition of filing an RFA, each applicant must submit to the Siting Board a resolution passed by the local legislative body of its “Host Municipality” supporting the Application. The Thompson Board’s resolution fulfills MRMI’s initial requirement of local support.
In its resolution, the Town Board found that by the passage of local laws; the execution of various agreements with the Town of Thompson and other nearby municipalities; public statements and declarations; letters and resolutions from the Town of Thompson, County of Sullivan, nearby local governments, private organizations, community, religious and civic groups, charitable organizations, entertainment venues, chambers of commerce, local businesses, and labor organizations, received on behalf of the Adelaar, including MRMI’s Gaming Facility, MRMI and the EPR subsidiaries, EPR Concord II, LP and EPT Concord II, LLC (collectively, “EPT”), have demonstrated local support from the County of Sullivan, Town of Thompson and nearby municipalities. Citing a host of significant and necessary steps already taken by Adelaar’s developers towards the commencement of construction, the Thompson Board voted in support of MRMI’s application.
The Thompson Board discussed a host of factors that led to their decision, including approvals obtained, an extensive environmental review, opportunity for generation of high quality jobs and support from community groups, as well as the opportunity for economic development that Adelaar, with MRMI’s Gaming Facility, would bring to the Catskills.