Empire Resorts, Inc. And EPR Properties Announce Denial Of Article 78 Petition
Empire Resorts, Inc. (NASDAQ-GM:NYNY)(“Empire”) and EPR Properties
(NYSE:EPR) ("EPR") today announced that on October 2, 2013, the New York
Supreme Court in Sullivan County (the “Court”) denied in its...
Empire Resorts, Inc. (NASDAQ-GM:NYNY)(“Empire”) and EPR Properties (NYSE:EPR) ("EPR") today announced that on October 2, 2013, the New York Supreme Court in Sullivan County (the “Court”) denied in its entirety the Article 78 petition (the “Petition”) filed by Louis Cappelli’s Concord Associates, L.P. (“CALP”) on or about May 14, 2013. The Petition named the Town of Thompson and its Town Board and Planning Board (collectively the “Thompson Parties”) and EPR’s wholly owned subsidiary, EPT Concord II, LLC (“EPT”), as respondents. Monticello Raceway Management, Inc. (“MRMI”), a wholly-owned subsidiary of Empire, asked and received Intervenor/Respondent status in the proceeding in light of its interest in the outcome of the matter. In its Petition, CALP challenged the actions and determinations made by the Thompson Parties regarding the phased development (the “Project”) of EPR’s approximately 1,500 acres at the site of the former Concord Resort in Sullivan County, New York (the “EPT Property”). EPR and MRMI envision MRMI developing a comprehensive resort destination that includes a casino and a harness racetrack and may also include one or more hotels, food and beverage outlets, a spa facility, retail venues, space for conferences, meetings, entertainment and special events in a multi-purpose conference space supported by separate meeting rooms and parking facilities on a portion of the EPR Property (the “Casino Project”). In addition to the Casino Project, the Project is expected to include a golf course and a resort including a variety of amenities. Emanuel Pearlman, Chairman of the Board of Empire Resorts stated, “We are pleased with the Court’s decision to deny CALP’s petition, consequently allowing us to stay on track as we finalize our resort destination plans which we expect will create thousands of new jobs and economic activity in the Mid-Hudson region of New York State.” David Brain, President and CEO of EPR Properties stated, “We continue to see positive decisions from both Federal and State Courts in our litigation with CALP. We look forward to moving ahead with the development of this destination resort.”