EPR Properties Unveils “Adelaar” As Its New Catskills Destination Resort

EPR Properties (NYSE: EPR) and its co-developers today unveiled Adelaar, a new four-season destination resort planned in Sullivan County, New York. The new $750 million development, including land value, is located 90 miles from New York City, is estimated to create nearly 5,000 jobs and will sit on 1,700 acres of land at the site of the former Concord Resort. The Company has teamed with Empire Resorts, Inc. (“Empire”) (NASDAQ-GM: NYNY), the company that currently operates the Monticello Casino and Raceway and intends to apply for a license to own and operate a destination gaming resort that will include a four-star hotel. Adelaar – the Dutch word for eagle – will feature a broad variety of leisure and recreational programming.

Adelaar has been planned as a world-class destination gaming resort to deliver significant economic benefits for local businesses, create dependable local employment, and have a positive impact on tourism in upstate New York. Master planned by Hart Howerton, the award-winning architectural and design firm, the state-of-the-art and sustainable destination is designed to offer four seasons of indoor and outdoor activities within several distinct areas: hospitality and spa, sports and leisure, dining, entertainment and retail, and gaming. Adelaar is uniquely positioned to achieve the tourism and economic investment goals set forth by the Upstate New York Gaming Economic Development Act.

Adelaar is estimated to generate significant economic activity for the region, including 2,550 construction jobs. It is estimated that approximately 2,200 full and part time workers will be employed at Adelaar, with expected annual compensation of more than $60 million.

EPR Properties President and CEO David Brain stated, “As a major Sullivan County landowner, we are very excited about the prospect of bringing the Adelaar vision to life. This new world-class destination resort will deliver significant economic benefits for local businesses, create dependable local employment and have a positive impact on tourism in upstate New York. With our SEQRA, permitting and final site plan in place, Adelaar is well prepared to come to market quickly.”

Adelaar has in place essentially all of its approvals and permits to commence construction immediately upon the awarding of a destination gaming resort license to Empire. This includes all zoning, master development and environmental approvals for the destination resort, as well as site plan, infrastructure and permits to commence and complete the state-of-the-art casino and resort core, indoor waterpark hotel, and renovation of the 18-hole Monster golf course.

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