
A US appeals court ruled in support of resort operator EPR Resorts, previously called EPT Concord. The organization looks after the construction and operation of the Montreign Resort within the Adelaar area in New York that would host the Montreign Casino. The court ruling ended up being against real-estate designer Louis Cappelli and Concord Associates.
Back 1999, the designer’s Concord Associates purchased a 1,600-acre website intending to build a casino resort. In 2007, the entity needed money of $162 million, which it borrowed through the former EPT. In order to secure its loan, it used the greater part of its property as collateral.
Although Concord Associates did not repay its loan, it might proceed along with its plan for the launch of the casino but on a smaller slice of this previously purchased site. Yet, it had to finance its development by means of a master credit agreement, under which any construction loan must have been assured by Mr. Cappelli himself.
Concord Associates failed in this, too, and in 2011 proposed to issue a bond that is high-yield $395 million. EPT refused and Concord Associates brought the problem to court arguing that their proposal complied utilizing the agreement between the two entities.
EPT, on the other hand, introduced its plans that are own the establishment of a casino resort. The gambling facility is usually to be run by gambling operator Empire Resorts.
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