Empire Resorts, Inc. (NASDAQ-GM:NYNY) (together with its
subsidiaries, “Empire”), through a wholly-owned subsidiary,
Montreign Operating Company, LLC, in conjunction with its
co-developer, EPR Properties (“EPR”) (NYSE:EPR) today presented
their $1 billion entertainment project to the New York Gaming
Facility Location Board (“Location Board”), including plans for a
resort casino located 90 miles from New York City in the Town of
Thompson, Sullivan County.
The Montreign Resort Casino will be located on the site of
Adelaar, a four-season destination resort to be developed by EPR.
Montreign is a planned 18-story casino, hotel and entertainment
complex featuring an 80,000 sq. ft. casino (with 61 table games and
2,150 state-of-the-art slot machines), 391 luxury rooms designed to
meet the 4-star and 4-diamond standards of Forbes® and AAA®,
multiple dining and entertainment options, meeting and conference
space and other resort amenities. Montreign Resort Casino, from an
architectural, design and use-of-materials perspective, was
designed to blend naturally with the pristine and beautiful
environment of the Catskills.
Empire directors and officers, along with EPR’s President and
CEO, gave a detailed 45-minute presentation to the Location Board
in Albany yesterday afternoon featuring renderings, economic impact
statements and videos. The multi-media presentation can be found at
www.montreign.com.
Emanuel Pearlman, Empire’s Chairman of the Board stated, “We
were very pleased to have had the opportunity to present our
integrated entertainment and lifestyle complex to the Location
Board. We presented a compelling case as to why we are the best
choice to drive tourism back to the Catskills by offering something
much more than a conventional casino. Adelaar, which is anchored by
the Montreign Resort Casino, creates the synergy required for a
twelve-month, four-season economic engine that will drive
visitation to the Catskills from out-of-state, downstate and
beyond.”
EPR President and CEO David Brain stated, “Today was the
culmination of years of planning and working closely with all
stakeholders to reimagine the Catskills as a world-class resort
destination for gaming and entertainment. What our team presented
is a project that is ready to begin almost immediately, has no
financing contingency and is expected to create thousands of jobs
generating millions of dollars in tax revenue for Sullivan County
and New York State in the process.”
The Montreign Resort Casino is part of the larger Adelaar
resort, a $1 billion four-season destination resort developed by an
Empire subsidiary and EPR. Beautifully situated in the pristine
Catskills, Adelaar is poised to become one of the most
comprehensive destination gaming resorts in the northeastern United
States, and will feature a variety of world-class leisure and
recreational options, including an Indoor Waterpark Lodge and
adventure park, a Rees Jones-redesigned “Monster” Golf Course,
restaurants and world-class shopping and entertainment. Located 90
minutes from New York City, Adelaar is expected to create more than
5,000 construction and permanent jobs in an area with one of
highest unemployment rates in the state.
Because of the early and comprehensive planning of Adelaar, and
the diligent pursuit of needed approvals, the Company is able to
commence construction of Montreign upon award of a gaming license
without delay. Many permits and approvals are already secured for
Adelaar, generally, and for Montreign, specifically, and additional
permits and approvals are being actively processed.
As part of the reimagined Catskills, Empire has entered into an
exclusive agreement with Monticello Motor Club (“MMC”), North
America’s Premier Private Racetrack and Country Club, making
Montreign the only casino on the East Coast that would offer guests
the experience of driving high-performance vehicles on MMC’s
private 4.1-mile track.
In addition, Empire has teamed up with award-winning chef,
author and TV personality Scott Conant to open his newest
restaurant, Bistecca by Scott Conant, at Montreign. The Italian
steakhouse will be a fine dining destination featuring a menu
comprised of prime and Angus cut meats, fresh seafood, poultry and
classic Italian dishes. The global wine list will be robust to
accompany the menu, and will feature wines from New York,
California, France, Italy, Chile and Argentina, among others.
Joining Empire and EPR at the presentation was renowned golf
course architect “The Open Doctor” Rees Jones and award-winning
Chef Scott Conant.
About Empire Resorts
Empire Resorts, Inc. owns and operates, through its
subsidiary Monticello Raceway Management, Inc.,
the Monticello Casino and Raceway, a harness racing track
and casino in Monticello, N.Y., and is 90 miles from midtown
Manhattan. For additional information, please
visit www.empireresorts.com.
Upon the awarding of a casino license from the New York
State Gaming Commission, Empire will begin construction on
Montreign – an 18-story casino, hotel and entertainment complex
with 61 table games, 2,150 state of the art slot machines and 391
luxury rooms designed to meet 4-star and 4-diamond standards. For
additional information, please visit www.montreign.com.
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 $3.8 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. Renderings, tenant information and other
details about Adelaar can be found at www.AdelaarNY.com.
This press release includes "forward-looking statements"
intended to qualify for the safe harbor from liability established
by the Private Securities Litigation Reform Act of 1995. These
statements include statements about our plans, strategies,
financial performance, prospects or future events and involve known
and unknown risks that are difficult to predict. As a result, our
actual results, performance or achievements may differ materially
from those expressed or implied by these forward-looking
statements. In some cases, you can identify forward-looking
statements by the use of words such as "may," "could," "expect,"
"intend," "plan," "seek," "anticipate," "believe," "estimate,"
"predict," "potential," "continue," "likely," "will," "would" and
variations of these terms and similar expressions, or the negative
of these terms or similar expressions. Such forward-looking
statements are necessarily based upon estimates and assumptions
that, while considered reasonable by Empire, EPR and our respective
management teams, are inherently uncertain. Factors that may cause
actual results to differ materially from current expectations
include, among others, levels of spending in business and leisure
segments as well as consumer confidence; plans for signing and
closing on definitive transaction documents; the construction
commencement date for Montreign Resort Casino; relationships with
associates and labor unions and changes in labor law; the financial
condition of, and our relationships with, third-party property
owners and hospitality venture partners; changes in the competitive
environment in our industry and the markets where we operate; the
timing of the receipt of regulatory and governmental approvals for
the development project, including the issuance of a gaming
facility license to Empire; changes in federal, state or local tax
law; general volatility of the capital markets and our ability to
access the capital markets to consummate the necessary financing. A
more complete description of these risks and uncertainties can be
found in our filings with the U.S. Securities and Exchange
Commission. We caution you not to place undue reliance on any
forward-looking statements, which are made as of the date of this
press release. We undertake no obligation to update publicly any of
these forward-looking statements to reflect actual results, new
information or future events, changes in assumptions or changes in
other factors affecting forward-looking statements, except to the
extent required by applicable laws. If we update one or more
forward-looking statements, no inference should be drawn that we
will make additional updates with respect to those or other
forward-looking statements.
Empire Resorts, Inc.Charles Degliomini,
845-807-0001cdegliomini@empireresorts.comorEntertainment Properties
TrustBrian Moriarty, 888-EPR-REITbrianm@eprkc.com
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