Companies Sign Option To Lease Agreement
MONTICELLO, N.Y.--(BUSINESS WIRE)--
Empire Resorts, Inc. (NASDAQ-GM: NYNYD) ("Empire") and Entertainment
Properties Trust (NYSE:EPR) (“EPR”) today announced that subsidiaries of
the companies have finalized terms of an option agreement, whereby
Empire’s subsidiary, Monticello Raceway Management, Inc. (”MRMI”) has
the right to lease a parcel of land owned by EPR’s subsidiary, EPT
Concord, II, LLC (“EPT Concord”) for future development of a new
regional destination casino resort, hotel and harness racetrack at the
site of the former Concord Resort. MRMI has made a payment in the amount
of $750,000 to EPT Concord in consideration for the granting of this
option.
The option agreement defines the land parcel to be leased by MRMI and
the economic terms of the lease, which the parties expect to execute
after site plan approvals are obtained from local authorities and other
conditions are met in the summer of 2012. The proposed development is a
central component of a comprehensive master plan which is being
developed by Hart Howerton as Master Planner for the development. The
larger project is expected to include the casino resort, hotel and
racetrack, as well as a golf course, specialty lodging, complementary
retail, and other entertainment and recreational uses, along with new
residential communities.
A Master Development Agreement will be finalized during the first half
of 2012.
David Brain, President and CEO of EPR commented, “We are excited to
share this news as it demonstrates meaningful progress in Sullivan
County and is an important step toward realizing our vision for the
Concord Resort.”
Emanuel Pearlman, Chairman of the Board of Directors of Empire and MRMI
concluded, “This is an important milestone that brings us closer to the
creation of over a thousand well-paying jobs at the Concord Resort
property. We are very pleased to be associated with the management team
at Entertainment Properties Trust. Our respective companies expect at
least a $600 million investment in the initial phase and share a
passionate commitment to deliver a comprehensive resort development of
which Sullivan County and the State of New York will be proud.”
About Empire Resorts, Inc.
Empire owns and operates, through its subsidiary Monticello Raceway
Management, Inc., the Monticello Casino & Raceway, a harness horse
racing track and casino located in Monticello, New York and 90 miles
from midtown Manhattan. For additional information, please visit www.empireresorts.com.
About Entertainment Properties Trust
Entertainment Properties Trust (NYSE:EPR) is a specialty real estate
investment trust (REIT) that invests in properties in select categories
which require unique industry knowledge, while offering the potential
for stable and attractive returns. Our total investments exceed $2.9
billion and include megaplex movie theatres and adjacent retail, public
charter schools, and other destination recreational and specialty
investments. We adhere to rigorous underwriting and investing criteria,
centered on key industry and property level cash flow criteria. 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
or from Brian Moriarty at 888-EPR-REIT.
Cautionary Statement Regarding Forward Looking Information
Statements in this press release regarding the company’s business that
are not historical facts are “forward-looking statements” that may
involve material risks and uncertainties. The company wishes to caution
readers not to place undue reliance on such forward-looking statements,
which statements are made pursuant to the Private Securities Litigation
Reform Act of 1995, and as such, speak only as of the date made. For a
full discussion of risks and uncertainties, which could cause actual
results to differ from those contained in the forward-looking
statements, see “Risk Factors” in the company’s Annual Report on Form
10-K for the most recently ended fiscal year, as amended, as well as the
companies’ Quarterly Report on Form 10-Q for the most recently ended
fiscal quarter.
Empire Resorts, Inc.
Investor Relations:
Charles
A. Degliomini, 845-807-0001
Executive Vice President
cdegliomini@empireresorts.com
Source: Empire Resorts, Inc.