NY Gov Paterson Signs Concord Development Bill
JULY 9, 2008. Empire Resorts, Inc. (NASDAQ: NYNY) and Concord Associates announced that Governor David Paterson has signed legislation granting an enhanced revenue structure to cover expenditures of a $1 billion dollar world-class gaming resort destination at the site of the historic Concord Hotel in Sullivan County, N.Y. The project is scheduled to open in 24 months. Demolition of the existing structures will be completed in July, when new construction is slated to begin.
David P. Hanlon, CEO of Empire Resorts, said, "Now that Governor Paterson has signed the program bill, we have cleared the final legislative hurdle and are excited to turn our attention to building a first-class resort and gaming facility in the Catskills with our partner Concord Associates that will restore the Catskills as a premier tourist region. We still plan to complete demolition of the existing Concord Hotel structures and begin construction in July."
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