Appeals Court Backs EPT Concord in Concord Associates Agreement Case

Appeals Court Backs EPT Concord in Concord Associates Agreement Case

A United States appeals court ruled in favor of resort operator EPR Resorts, previously known as EPT Concord. The business is in charge of the construction and procedure of the Montreign Resort in the Adelaar area in New York that could host the casino that is montreign. The court ruling had been against real estate developer Louis Cappelli and Concord Associates.

Back 1999, the designer’s Concord Associates bought a 1,600-acre website aiming to build a casino resort. In 2007, the entity required capital of $162 million, which it borrowed from the former EPT. In order to secure its loan, it used vast majority of its property as collateral.

Although Concord Associates failed to repay its loan, it might continue using its plan for the launch of a casino but for a smaller slice of this formerly purchased web site. Yet, it had to finance its development by way of a master credit contract, under which any construction loan needs to have been guaranteed in full by Mr. Cappelli himself.

Concord Associates failed in this, too, plus in 2011 proposed to issue a bond that is high-yield $395 million. EPT refused and Concord Associates brought the matter to court arguing that their proposal complied because of the agreement between your two entities.

EPT, having said that, introduced its very own plans for the establishment of a casino resort. The gambling center will be run by gambling operator Empire Resorts. Read more