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June 27, 2008
SULLIVAN COUNTY, NY - Legislation announced this week will authorize Empire
Resorts Inc., in partnership with Concord Associates, to build a new hotel and
casino at the site of the Concord Hotel in Monticello, Sullivan County. The
project includes a 100,000-square-foot casino with video lottery terminals, a
750-room hotel, a convention center, and a 7,500-seat events center. It also
includes a new 5/8-mile harness horse racing track to replace the nearby
Empire Resorts will invest $1 billion in the project and hire 2,000 employees.
In an agreement with Gov. David A. Paterson and legislative leaders, Empire will
pay the state 25% of revenues generated by 3,000 video lottery terminals. This
is projected to be $38 million annually, which is ear-marked for education.
"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," Gov. Paterson said.
"Empire Resorts has finally realized the dream of being able to being build a
first-class resort and gaming facility in the Catskills," said David P. Hanlon,
Empire's CEO. "We have achieved a new effective gaming tax structure that is
competitive with casinos in Connecticut, Atlantic City and Pennsylvania."
Construction of the new facilities is sscheduled for completion in July 2010.
Return to New York Casinos.