Permits in hand, new resort destination will
come to market quickly
EPR Properties (NYSE: EPR) and its co-developers today unveiled
Adelaar, a new four-season destination resort planned in Sullivan
County, New York. The new $750 million development, including land
value, is located 90 miles from New York City, is estimated to
create nearly 5,000 jobs and will sit on 1,700 acres of land at the
site of the former Concord Resort. The Company has teamed with
Empire Resorts, Inc. (“Empire”) (NASDAQ-GM: NYNY), the company that
currently operates the Monticello Casino and Raceway and intends to
apply for a license to own and operate a destination gaming resort
that will include a four-star hotel. Adelaar – the Dutch word for
eagle – will feature a broad variety of leisure and recreational
programming.
Adelaar has been planned as a world-class destination gaming
resort to deliver significant economic benefits for local
businesses, create dependable local employment, and have a positive
impact on tourism in upstate New York. Master planned by Hart
Howerton, the award-winning architectural and design firm, the
state-of-the-art and sustainable destination is designed to offer
four seasons of indoor and outdoor activities within several
distinct areas: hospitality and spa, sports and leisure, dining,
entertainment and retail, and gaming. Adelaar is uniquely
positioned to achieve the tourism and economic investment goals set
forth by the Upstate New York Gaming Economic Development Act.
Adelaar is estimated to generate significant economic activity
for the region, including 2,550 construction jobs. It is estimated
that approximately 2,200 full and part time workers will be
employed at Adelaar, with expected annual compensation of more than
$60 million.
EPR Properties President and CEO David Brain stated, “As
a major Sullivan County landowner, we are very excited about the
prospect of bringing the Adelaar vision to life. This new
world-class destination resort will deliver significant economic
benefits for local businesses, create dependable local employment
and have a positive impact on tourism in upstate New York. With our
SEQRA, permitting and final site plan in place, Adelaar is well
prepared to come to market quickly.”
Adelaar has in place essentially all of its approvals and
permits to commence construction immediately upon the awarding of a
destination gaming resort license to Empire. This includes all
zoning, master development and environmental approvals for the
destination resort, as well as site plan, infrastructure and
permits to commence and complete the state-of-the-art casino and
resort core, indoor waterpark hotel, and renovation of the 18-hole
Monster golf course.
“We believe Adelaar is exactly the type of development
envisioned by the Upstate New York Gaming Economic Development
Act,” said Emanuel Pearlman, Chairman of the Board of Empire
Resorts. “We are pleased that after three years of intense
planning and preparation, our proposed casino and four star hotel
is already designed, and we can begin to build without delay,
should we receive a destination resort license. We have created a
bold, sleek and modern facility that will provide an exceptional
gaming and entertainment experience for our customers.”
EPR also announced an agreement to design, develop and operate a
new indoor waterpark hotel and adventure park at Adelaar. EPR
is partnering with the same team that is currently developing and
operating the Company’s Camelback Mountain Resort in Tannersville,
PA. The proposed project at Adelaar will consist of 135 acres of
hilly terrain that includes a 350-room family-style lodge with an
indoor waterpark, and an outdoor adventure park with zip lines, a
snow tubing facility and mountain coaster.
The waterpark development team includes Ken Ellis, President and
CEO of Aquatic Development Group in Cohoes, NY; Art Berry,
President of Camelback Mountain Resort in the Poconos; and Pete
Helland Jr., Co-Founder and Co-Owner of the 600-acre Wilderness
Hotel and Golf Resort in the Wisconsin Dells and Wilderness at the
Smokies in Pigeon Forge, TN.
Additionally, famed golf course architect, Rees Jones, has been
retained to oversee the renovation of the 18-hole Monster Golf
Course at Adelaar. In working with existing golf courses, Jones’
philosophy is to preserve the past while recognizing the needs of
the modern game, earning him the moniker "The Open Doctor" for his
redesign of courses in preparation for major championships.
Empire previously announced that Monticello Raceway Management,
Inc. (“MRMI”), its wholly-owned subsidiary, has signed a Labor
Peace Agreement with the New York Hotel and Motel Trades Council
and that MRMI’s construction manager has signed a Project Labor
Agreement with the Hudson Valley Building and Construction Trades
Council.
Renderings, tenant information and other details can be found at
www.AdelaarNY.com
About EPR Properties
EPR Properties is a specialty real estate investment trust
(REIT) that invests in properties in select market segments which
require unique industry knowledge, while offering the potential for
stable and attractive returns. Our total investments exceed $3.5
billion and our primary investment segments are Entertainment,
Recreation and Education. We adhere to rigorous underwriting and
investing criteria centered on key industry and property level cash
flow standards. We believe our focused niche approach provides a
competitive advantage, and the potential for higher growth and
better yields. Further information is available at
www.eprkc.com
About Empire Resorts
Empire Resorts owns and operates, through its subsidiary
Monticello Raceway Management, Inc., the Monticello Casino &
Raceway, a harness racing track and casino located in Monticello,
New York, and is 90 miles from midtown Manhattan. Further
information is available at www.empireresorts.com
About Hart Howerton
Hart Howerton is a creative team of land planners, urban
designers, architects, landscape architects and interior designers
with four decades of experience optimizing the value of real estate
assets from offices in New York and San Francisco. The firm is
currently working in more than 30 countries worldwide. Hart
Howerton projects include US News and World Report’s top two Best
Hotels in the USA 2014 and six of America’s Top 20 Golf
Communities, according to Travel + Leisure Golf. Further
information is available at www.harthowerton.com
About Aquatic Development Group
Headquartered in Cohoes, NY for over 50 years serving customers
around the world, Aquatic Development Group, Inc. is a leading
design/builder of indoor and outdoor waterparks. Involved in over
100 outdoor waterparks and 20 indoor waterparks in North America,
their client list includes: Six Flags, Wilderness Resorts,
Cedar Fair, Dollywood, Disney and Intrawest. Further information is
available at www.aquaticgroup.com
About Rees Jones, Inc.
Founded in 1974 and headquartered in Montclair, New Jersey, Rees
Jones, Inc. customizes the design and supervises the construction
of new layouts and renovations of private, resort, real estate
development, municipal and county golf courses. Rees Jones is
acknowledged as one of the most renowned golf course designers in
the industry. Further information is available at
http://www.reesjonesinc.com/
Cautionary Statement Regarding Forward Looking
Information
This press release includes "forward-looking statements"
intended to qualify for the safe harbor from liability established
by the Private Securities Litigation Reform Act of 1995. These
statements include statements about our plans, strategies,
financial performance, prospects or future events and involve known
and unknown risks that are difficult to predict. As a result, our
actual results, performance or achievements may differ materially
from those expressed or implied by these forward-looking
statements. In some cases, you can identify forward-looking
statements by the use of words such as "may," "could," "expect,"
"intend," "plan," "seek," "anticipate," "believe," "estimate,"
"predict," "potential," "continue," "likely," "will," "would" and
variations of these terms and similar expressions, or the negative
of these terms or similar expressions. Such forward-looking
statements are necessarily based upon estimates and assumptions
that, while considered reasonable by EPR, Empire and their
respective management teams, are inherently uncertain. Factors that
may cause actual results to differ materially from current
expectations include, among others, levels of spending in business
and leisure segments as well as consumer confidence; the parties'
plans for signing and closing on definitive transaction documents;
the construction commencement date for the development project;
relationships with associates and labor unions and changes in labor
law; the financial condition of, and our relationships with,
third-party property owners and hospitality venture partners; risk
associated with the introduction of new brand concepts; changes in
the competitive environment in our industry and the markets where
we operate; the timing of the receipt of regulatory and
governmental approvals for the development project, including the
issuance of a destination gaming resort license to Empire Resorts,
changes in federal, state or local tax law; general volatility of
the capital markets and the ability of Empire to access the capital
markets to secure necessary financing. A more complete description
of these risks and uncertainties can be found in the filings of EPR
and Empire Resorts with the U.S. Securities and Exchange
Commission. We caution you not to place undue reliance on any
forward-looking statements, which are made as of the date of this
press release. EPR and Empire Resorts undertake no obligation to
update publicly any of these forward-looking statements to reflect
actual results, new information or future events, changes in
assumptions or changes in other factors affecting forward-looking
statements, except to the extent required by applicable laws. If we
update one or more forward-looking statements, no inference should
be drawn that we will make additional updates with respect to those
or other forward-looking statements.
Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20140313005336/en/
EPR PropertiesBrian Moriarty, 816-472-1700www.eprkc.com
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