Catskills Casino Planned
With an Indian casino seemingly out of reach, private developers announced today plans to move Monticello Raceway and its video-lottery terminals to the old Concord hotel in the Catskills.
Empire Resorts, Inc. today announced an agreement with Concord Associates L. P. to relocate the Monticello Gaming and Raceway to a 160-acre parcel of land at the site of the Concord, once one of the top hotels in the Catskills.
Last week, Empire dropped plans to build a casino at the current Monticello Raceway after the St. Regis Mohawk tribe lost its federal case to build a casino there.
From today’s news release:
“Under the agreement, a world-class gaming and entertainment facility will be developed at the site. The centerpiece of the project is a $700 million “Entertainment City,â€? including a 100,000 square foot gaming area, convention center, hotel, golf resort, retail stores, restaurants and various family entertainment activities. The 1.5 million-square foot facility has already received required zoning and final site plan approvals. The gaming floor will be built within the hotel, adjacent to a new 5/8th mile, state-of-the-art harness track. Upon approval and completion of construction, the company expects to more than double Empire’s current contribution to New York State to approximately $70 million per year, which goes to fund education. ”
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and who are the principles in this endeavor….that should
be an interesting discussion
Empire Resorts Inc… From their SEC filing:
DIRECTORS AND EXECUTIVE OFFICERS
Our directors and executive officers are as follows:
Name Age Position—— —- ————John Sharpe 64 Chairman of the Board(1)
David P. Hanlon 62 Chief Executive Officer, President and Director(2)
Paul A. deBary 60 Director(1)
Joseph E. Bernstein 57 Director(3)
Ralph J. Bernstein 48 Director(1)
Robert H. Friedman 53 Director(2)
Frank Catania 65 Director(3)
Ronald J. Radcliffe 63 Chief Financial Officer
Thomas W. Aro 63 Chief Operating Officer
Hilda Manuel 55 Senior V. P. for Native American Affairs and Chief
Compliance Officer
FROM THE CONCORD RESORT WEB SITE:
Mr. Louis R. Cappelli… heads Concord Associates, LP, a joint venture of Cappelli Enterprises and Reckson Strategic Venture Partners——————-
I think that Mike already knows that Lou Capelli is one of the Concord’s owners. While it is true that the convention center/hotel/condo project does have approvals, there are no approvals as of yet to build a new track at the Concord. Capelli needs for some form of big-time gambling to happen in the Catskills, whether at Monticello or at the Concord, otherwise his project will be a bust. It’s been sitting for about 10 years now, and he ain’t making any money from it. Anybody got an idea of how many tax breaks he’s gonna ask for?
I really like louis capelli..smart guy, highly educated
good businessman…what I am having difficulty figuring
out is the white plains ritz project. two towers in
downtown white plains..units are going for 1000 a
square foot..floor to ceiling windows and contruction
beams in the middle of some of the living rooms..and the
price tag is in the millions. Now I understand the theory
behind the project, baby boomers sell their 5 million dollar
homes and buy a place in white plains and a place in florida. the problem is when you come down the elevator
into the great lobby your still in downtown white plains
its not like you can take a cab to carnegie hall…
so although I am hoping that the project is sucessful
for Louis’ sake, in this market, and with the smallish
size of the residences, I have my doubts as to who
would pony up that kind of money to live on main street
Good points about that White Plains set up, Consultant.
Reminds me of an old football story about Green Bay.
That Building is built with the cheapest crap available. & the people who run GAFCO (THE BUILDERS) ARE NOT NICE PEOPLE, ESPECIALLY THE I.T. KAL HE KNOWS VERY LITTLE ABOUT HIS OWN OCCUPATION GET OTHERS TO FIGURE OUT HIS PROBLEMS AND WHEN THEY FIX THEM HE STEALS THE CREDIT FOR THEIR HARD WORK WORK. I HOPE SOME DAY MR. CAPELLI WAKES UP TO RELIZE WHAT FRAUD HE REALLY IS.