Construction is due to start in July of a US$1 billion world-class gaming resort destination at the site of the historic Concord Hotel in Sullivan County, New York state. Empire Resorts, Inc and Concord Associates say the new Concord project will drive the restoration of the Catskills as a premier tourist region. The resort is being developed as an integrated facility, comprehensively designed with a broad range of activities to satisfy the desires of the widest possible market demographics.

The New York State Legislature approved New York Governor David Paterson’s programme bill granting an enhanced revenue structure to cover expenditures to make the development possible. The new revenue sharing structure is dependent on the project meeting certain economic benchmarks including the creation of 2,000 permanent jobs, and an increase in the current contribution to state education from the new Concord video gaming operation. When it opens Empire Resorts and Concord Associates expect to contribute at least US$38 million toward state education.

In announcing the agreement, Governor Paterson commented, “There was a time when the Catskills were the pre-eminent vacation destination on the entire East Coast. The beauty and majesty of the region has not changed, and this deal will help return the Catskills to their former glory as a destination spot. This agreement is a big win for Monticello, Sullivan County, and all of New York State.”

He added, “Government and the private sector have worked together to structure a deal that will at least double the amount of money for education that the State expected to generate from the Monticello Racetrack and to create 2,000 permanent new jobs.” Concord is expected to feature a 750-room hotel, 7500-seat event centre, 15 to 18 food & beverage outlets, two championship golf courses and a major convention centre. A state-of-the-art 5/8th mile harness track and 3,000 video gaming machines will offer further entertainment.

David P. Hanlon, CEO of Empire Resorts, said, “Empire Resorts has finally realized the dream of being able to begin building a first-class resort and gaming facility in the Catskills. We have achieved a new effective gaming tax structure that is competitive with casinos in Connecticut, Atlantic City and Pennsylvania.” The project is scheduled to open within two years. (E-06.25.08)

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