Cappelli tells the crowd to "keep the faith"

ROCK HILL – More than one hundred state, county municipal officials and Sullivan County business leaders listened to the latest pitch from prime developer of a destination entertainment resort on the grounds of the defunct Concord Hotel.  They heard Louis Cappelli say, in essence, it is all or nothing, if it is going to work.

“If you don’t build all of the components, then it might not be as successful as it could have been. We have to take a leap of faith on our end, as do you, as does the state, town and county.  We have to take the leap of faith and say let’s go do this because it’s time.”

Cappelli says it is time to recognize that there will be no Indian casino in Sullivan County.  That leaves the county with a Racino, which has steadily lost revenue as customers came to realize that video lottery terminals is all there is, or will be. 

There is competition from the casino hotels in Atlantic City, a destination in Connecticut, even the new casino, less than two hours away in the Pennsylvania Poconos.

In fact, Cappelli and his wife recently spent a weekend at the new Mount Airy Casino Resort, in the Poconos, and were impressed.  But, he said even that mix of video slots, night clubs and a golf course under renovation, would not, in his opinion, stand the test of time.

Enhanced concept for the Concord project

What is needed is a full resort and entertainment destination.

What is also needed are some breaks from the state, which takes a greater percentage of video gaming machine (VGM) revenue that any other state … 68 percent in New York, compared to 25 percent in Connecticut and just 11 percent in New Jersey. 

Mohegan Sun, in Connecticut, makes $408 per VGM.  Empire Resorts, which operates the Monticello Racino, makes $100.

That’s where the $1 billion commitment, along with a huge spinoff for the Monticello area economy, comes in.  In return, Cappelli says the state should tax Concord at the same rate it had offered the Mohawks for their proposed casino at Monticello Raceway: 25 percent.

The final component Cappelli emphasized is branding.  They are actively pitching for a Ritz Carlton spa hotel.  That would be in addition to the main resort hotel.  Other brands being pursued are Great Wolf family resorts; Cabelelas, a growing chain of mega outdoor sports stores; and possibly landing the Fazio/Nicklaus team to rework the legendary Concord Golf Course.  Nothing has been finalized with any of the brands.