Wednesday, October 8, 2008

Catskills Resort Developer Announces Union Financing Commitment

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Empire Resorts announced yesterday that his has secured one quarter of the financing needed for its plan to build a $1 billion resort casino in the Catskill Mountains of New York, about 70 miles from the Mohegan Tribe's Pennsylvania racetrack-casino.

According to Empire Resorts CEO, "We are honored to be part of a project that is providing union construction jobs and over 2,000 permanent jobs to the residents of Sullivan County. Union Labor Life’s $250 million participation is another step toward completing the construction financing of the $1 billion Concord-Empire Resorts Hotel and Casino. Construction at the site is progressing as planned with the foundation building permits issued and concrete work for the new hotel and convention center already underway."

Empire Resorts operates the Monticello Gaming & Raceway, which currently has 1,800 VLT slot machines, and is involved in the development of other gaming and non-gaming resort projects in the Catskills.

Plans call for the construction of a 750-room hotel, about 300,000 square feet of casino space, ballrooms, meeting rooms, retail, entertainment and the reconstruction of existing golf courses and an indoor water park.