September 3, 2013

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Empire Resorts, EPT amend Concord Resort agreement

MONTICELLO – Empire Resorts and EPR Properties have amended their agreement for Empire to develop a casino resort at the former Concord Hotel property in Kiamesha Lake to provide the flexibility required to accommodate the outcome of the November referendum on legalizing casino gaming.

If the vote favors a constitutional amendment, non-Indian gaming would be approved in New York with seven facilities to be selected. The Catskills region would be allowed to develop one, and possibly two, of those facilities. At present, electronic gaming is allowed and Monticello Casino and Raceway operates one such facility.

“We are well-positioned to provide upstate New York with desperately needed economic development and jobs,” said Emanuel Pearlman, chairman of Empire Resorts’ board.

EPR President and CEO David Brain said the new option agreement “allows us to be responsive to the outcomes of the New York State Constitution Amendment referendum, and enables maximum utilization of our existing land investment in Sullivan County.

Based on the amendment, Empire Resorts’ option to lease the property is extended to various dates in the future based on whether or not the state constitutional amendment is passed. Empire Resorts may extend the term of the agreement on a monthly basis, by paying monthly fees that escalate annually, until a future date based on certain trigger events.

Phase one of the Concord Resort project includes a casino resort with a hotel, harness horse racetrack, grandstand/showroom, simulcast facility, banquet event center, restaurants, parking facilities, and infrastructure components to support the overall project.

Company officials anticipate site plan approvals for the golf phase and select components of the Entertainment Village phase will be obtained in the coming months.

The combined economic impact of the phases will create over 1,000 new full-time jobs at the site. The direct effect on the local economy from the initial phase is estimated at some $290 million annually. For Sullivan County, the total annual economic activity expected to result from the initial phase of operations alone is estimated at $395 million.



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