$1.3 Billion Integrated Four-Season Destination
Resort Receives Key Approval
On December 21, 2015, Empire Resorts, Inc. (NASDAQ-GM:NYNY)
(“Empire” and, together with its subsidiaries the “Company”),
through a wholly-owned subsidiary, Montreign Operating Company, LLC
(“Montreign”), was awarded a gaming facility license to operate a
resort casino to be named Montreign Resort Casino at the site of
Adelaar, a four-season destination resort planned for the Town of
Thompson in Sullivan County 90 miles from New York City. The gaming
facility license awarded by the New York State Gaming Commission
(“NYSGC”) will be effective on the earlier of March 1, 2016, or
payment of certain financial commitments required by the Upstate
New York Gaming and Economic Development Act, and is subject to
various conditions that are detailed in a Current Report on Form
8-K to be filed by the Company with the Securities and Exchange
Commission today.
“This is a historic day for our Company, for the people of
Sullivan County and for the entire Mid-Hudson region, and I thank
the NYSGC for their hard work and dedication in completing a fair
and comprehensive licensing process,” said Empire Chairman of the
Board Emanuel Pearlman. “With the awarding of a gaming facility
license by the NYSGC, we can expeditiously move forward and
construct a resort destination that is more than just a casino;
rather, it is a part of a $1.3 billion fully master-planned,
sustainable, integrated gaming and destination resort.”
The award of the gaming facility license follows Montreign’s
selection in December 2014 by the New York State Gaming Facility
Location Board as the sole Catskill/Hudson Valley Region One casino
applicant eligible to apply to the NYSGC for a gaming facility
license. Montreign Resort Casino is to be located on 1,700 acres
owned by EPR Properties (“EPR”) (NYSE:EPR).
Beautifully situated in the pristine Catskills, Montreign Resort
Casino is poised to become what will be one of the most
comprehensive destination gaming resorts in the northeastern United
States. Montreign Resort Casino is designed to meet 5-star and
5-diamond standards and is anticipated to feature:
- A 90,000 square foot casino floor
featuring 2,150 slot machines, 102 table games and a 14 – 16 table
poker room (inclusive of the poker room and VIP and high-limit
areas);
- Designated VIP/high-limit areas within
such gaming floor which will offer a minimum of 26 slot machines, 8
table games, and a player’s lounge with food and beverages;
- An 18 story hotel tower containing 332
luxury rooms (including at least eight 1,000 – 1,200 square foot
garden suites, seven 1,800 square foot, two story townhouse villas,
and 12 penthouse-level suites), indoor pools and fitness
center;
- A VIP floor containing 6 private VIP
gaming salons, a private gaming cage, and butler service;
- 27,000 square feet of multi-purpose
meeting and entertainment space with seating capacity for 1,300
people and a mezzanine level that includes the 14 -16 table poker
room, access to outdoor terraces and approximately 7,000 square
feet of meeting room space;
- A 7,500 square foot spa; and
- Seven restaurants and four bars.
In addition to Montreign Resort Casino, Adelaar is expected to
include an array of other non-gaming, leisure and recreational
options, such as:
- An Indoor Waterpark Lodge including a
hotel, indoor and outdoor water parks, and other amenities;
- An “Entertainment Village” with dining
facilities, entertainment and retail shops; and
- The “US Open Doctor” Rees Jones
renovated 18-hole Monster golf course.
Montreign Resort Casino is expected to generate four million new
tourist visitations and will create more than 5,000 construction
and permanent jobs in an area with one of highest unemployment
rates in New York State.
Over the past four years, the Company has expended substantial
time and financial resources on designing Montreign Resort Casino
and, in conjunction with EPR, worked with local, state and federal
agencies and officials to obtain necessary permits and approvals to
begin construction.
While site preparation has already begun, with the award of the
gaming facility license, construction can proceed in earnest. The
Company remains committed to utilizing local contractors,
subcontractors and suppliers. The Company has engaged as its
construction manager LPCiminelli (“LPC”). LPC has signed a Project
Labor Agreement with the local unions affiliated with the Hudson
Valley Building and Construction Trades Council. In addition, the
Company has engaged DACK Consulting Group to aid its efforts in
reaching out to the New York MWBE contracting community, as well as
to assist Montreign with its MWBE-purchasing and diversity hiring
efforts. The Company also has a Labor Peace Agreement with the New
York Hotel and Motel Trades Council.
Mr. Pearlman concluded, “Montreign Resort Casino represents an
innovative approach toward gaming and entertainment that we believe
will reimagine, reinvent, and revitalize the Catskills for years to
come. Our intention is simple: the rebirth of the hospitality and
tourism industries in the Catskills. Given the gaming facility
license has now been awarded; we are ‘Ready Now’ to build and
operate a resort experience seen nowhere else in the United
States.”
The Company expects to file today a Current Report on Form 8-K
with the Securities and Exchange Commission with additional
information about Montreign Resort Casino and the award of the
gaming facility license.
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.
As a result of the award of a gaming facility license from the
New York State Gaming Commission, the Company will begin
construction of Montreign Resort Casino – an 18-story casino, hotel
and entertainment complex with approximately 102 table games, 2,150
state of the art slot machines and 332 luxury rooms, which includes
12 penthouse suites, 8 garden suites and 7 two-story villas,
designed to meet 5-star and 5-diamond standards. For additional
information, please visit www.montreign.com.
Cautionary Language on Forward-Looking Statements
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 the Company and its management
team, 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 relating to the development of
Montreign Resort Casino and Adelaar; the construction commencement
date for Montreign Resort Casino and other areas of Adelaar;
difficulties and/or delays in construction of Montreign Resort
Casino and other areas of Adelaar; failure to maintain and renew,
or the loss of, any license or permit required under gaming laws;
assumptions concerning metrics important to the development and
operation of Montreign Resort Casino, prove incorrect;
relationships with labor unions and other building trades and
changes in labor law; the financial condition of, and our
relationships with, third-party property owners, the construction
manager and contractors and hospitality venture partners; risks
associated with the introduction of a new casino hotel in an
unproven region; changes in the competitive environment in the
hospitality and gaming industries, generally, and in our primary
market; the effects of local and national economic, credit, project
finance and capital market conditions on the economy, in general,
and on the hospitality and gaming industries, in particular; the
timing of the receipt of regulatory and governmental approvals for
the Montreign Resort Casino to commence construction; changes
in federal, state or local tax law; and inability to obtain credit
financing on terms and conditions acceptable to the Company. 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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151221006141/en/
For Montreign Operating Company LLCCharles Degliomini,
845-807-0001cdegliomini@empireresorts.com
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