The CEO of the Mohegan Tribal Gaming Authority, Mitchell Etess, announced today that the Tribe will work with the Concord Resort in the Catskill Mountains of New York to rebuild the hotel and develop the property into a $600 million racetrack-slot parlor within two years.
Etess said that the deal is the first venture of a new company called Mohegan Gaming Advisors. The owner of the Concord, Louis Cappelli, is a well-known real estate developer in New York and in Western Connecticut.
Cappelli announced his intentions to turn the Concord property into a gambling resort years ago but financing for the project's completion was not secured. Over $100 million was said to have already been spent in remediation and site preparation of the property's stalled development. Today's announcement did not shed much light on who will finance the poject.
The first phase of the project is slated to open in the Spring of 2010 and will include 2,100 VLT slot machines, room for 450 electronic table games (or presumably actual table games if ever legalized in New York), a harness horse racing track, a 258-room hotel, restaurants and meeting spaces. The 116-acre property is in Thompson, N.Y.
Etess' family once owned and operated a hotel in the Catskills that competed with the Concord hotel.
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