Empire Resorts, Inc.’s (“Empire”) (NASDAQ-GM: NYNY) wholly owned subsidiary, Monticello Raceway Management, Inc. (“MRMI”), and the New York Hotel and Motel Trades Council (“NYHMTC”), the union that represents approximately 100 workers at the Monticello Casino and Raceway, today announced a Labor Peace Agreement (“LPA”) for MRMI’s proposed racetrack, casino and hotel at the site of the former Concord Resort. The parties also announced a new five year Collective Bargaining Agreement (“CBA”) for NYHMTC members employed by MRMI, which includes annual salary increases, sets wages for new hires and addresses employee contributions toward health benefits.
“These agreements are great for existing workers and the entire community,” said Peter Ward, President of NYHMTC. “Empire is not only a strong union partner, but a strong community partner, committed to creating good jobs in a region that desperately needs them. We look forward to supporting them as they seek to create even more good union jobs at the new facility.”
Empire’s CEO Joseph D’Amato said, “We look forward to continuing our good working relationship with strong partners like Peter Ward and the NYHMTC at our current facility. We are simultaneously moving forward with our development plans at the site of the former Concord Resort. In conjunction with Entertainment Properties Trust (NYSE: EPR), this planned family and entertainment destination will create transformative job opportunities for residents of Sullivan County and the Catskills region.”
Empire/MRMI and Entertainment Properties Trust have presented a comprehensive master development plan for 1,500 acres at the site of the former Concord Resort, conceived by the industry-leading architect and master planning firm Hart Howerton. Bringing new energy to a region with rich history, the planned destination resort is expected to include a casino, hotel and harness racetrack (designed by JCJ Architecture, a nationally recognized casino architectural firm), specialty lodging, and championship golf experience, complimented by retail, dining, entertainment and recreational uses, and new residential communities.
The proposed master plan represents a new way of thinking about resort development in the Catskills. The plan envisions a multi-faceted destination resort which will become a catalyst for investment in the region. A place to find adventure or relaxation, it will offer family-centered attractions and amenities surrounded by the natural beauty of the Catskills.
Empire’s Chairman of the Board Emanuel Pearlman concluded, “These agreements with the NYHMTC mark an important milestone as we focus on the future. We are mindful that our project’s progress represents a significant prospect of hundreds of desperately-needed, well-paying jobs with benefits for Sullivan County and the Catskills.”
About the New York Hotel and Motel Trades Council
The New York Hotel and Motel Trades Council is the union of hotel, hospitality and gaming workers in New York. NYHTC represents over 30,000 non-managerial employees working in all hotel departments in over 300 Hotels across New York and New Jersey.
Empire Resorts, Inc. owns and operates, through its subsidiary Monticello Raceway Management, Inc., the Monticello Casino and Raceway, a harness racing track and casino located in Monticello, New York, and is 90 miles from midtown Manhattan. For additional information, please visit http://www.empireresorts.com.
Empire Resorts, Inc.
Charles Degliomini, 845-807-0001
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