Local charities to distribute the money to Hurricane Irene victims
MONTICELLO, N.Y. (September 8, 2011) — Empire Resorts, Inc. (NASDAQ:NYNY – News) and Entertainment Properties Trust (NYSE:EPR – News) today announced a $100,000 donation to provide financial assistance for Sullivan County residents and businesses affected by Hurricane Irene.
David Brain, President and CEO of Entertainment Properties Trust said, “We are strongly connected to Sullivan County through our Concord property and recognize that many families and businesses suffered extensive property damage from Hurricane Irene. The need to repair damage and restore many communities is urgent and we want to contribute to the effort.”
Emanuel Pearlman, Chairman of the Board of Empire Resorts said, “For over fifty years Monticello Raceway has been one of the area’s largest employers. We are acutely aware of how hard this recent natural disaster has impacted the Sullivan County community. We have directed that all of the $100,000 be distributed as quickly as possible. We hope our example encourages more Sullivan County businesses to step forward to help during this critical time.”
Entertainment Properties Trust and Empire Resorts announced the donation today at a press conference at the Sullivan County Government Center. They were joined by area elected officials who helped identify local charities that could directly and quickly provide assistance to Sullivan County families. The county was hit hard by Hurricane Irene and is one of several counties in the region to be declared eligible for Federal Emergency Management Agency (FEMA) assistance.
The not-for-profits distributing the $100,000 on behalf of Empire Resorts and Entertainment Properties Trust include The Sullivan County Partnership for Economic Development, The Sullivan County Federation for the Homeless, The Salvation Army, Sullivan County Office for the Aging, Sullivan County Veterans Service Agency and various churches in Sullivan County.
“Community is all about neighbors helping neighbors,” said Congressman Maurice Hinchey. “With this donation, Empire Resorts and Entertainment Properties Trust exemplify what it means to be a good corporate citizen, and I thank them for their generosity.”
State Senator John Bonacic said, “Helping those in need should always be commended. I know this assistance will help many families who are recovering from Hurricane Irene.”
“The recent storm has further financially strained organizations that serve as a safety net to our most vulnerable neighbors, but it hasn’t stopped the Federation for the Homeless from stepping up and providing necessary services. I appreciate the contribution of Empire Resorts and Entertainment Properties Trust. Their tremendous support of the organizations that do so much for so many is another example of their commitment to our community,” commented Assemblywoman Aileen Gunther.
“Empire Resorts and Entertainment Properties Trust have stepped forward and made a commitment to the county in a time of crisis, and I commend them for not only their extraordinary generosity, but for defining what it means to be a civic minded business,” said County Legislature Chairman Jonathan Rouis. “Their gift will help to alleviate the suffering of many of our friends and neighbors, and on behalf of the county I extend my gratitude.”
“I think the initiative and generosity behind this donation shows their commitment to being a good neighbor in the Town of Thompson,” said Town of Thompson Supervisor Anthony Cellini, “and I really thank them on behalf of all the residents and businesses in the community.”
“I’d like to thank Empire Resorts and Entertainment Properties Trust for their generous donation,” said Monticello Mayor Gordon Jenkins. “I’m sure our residents that have been hit by the hardship of this storm will greatly appreciate what they’ve done.”
Earlier this year, Empire Resorts executed a term sheet agreement with Entertainment Properties Trust and MSEG LLC to explore the development of the Concord Resort Property and to also examine development options at the existing Raceway property. In August the companies selected Hart Howerton Partners, LTD. of New York City to be the Master Planners for the development of the former Concord Resort Property. The Master Plan is the first step in establishing a new vision for the revitalization of the former Concord Resort. Under the agreement Hart Howerton will create a new Master Plan for the mixed-use of the property envisioned to include an anchor casino with harness racetrack, hotel, two golf courses, specialty lodging, complementary retail and recreational uses, along with new residential communities.
About Entertainment Properties Trust
Entertainment Properties Trust (NYSE:EPR – News) is a specialty real estate investment trust (REIT) that invests in properties in select categories which require unique industry knowledge, while offering the potential for stable and attractive returns. Our total assets exceed $2.7 billion and include megaplex movie theatres and adjacent retail, public charter schools and other destination recreational and specialty investments. 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 or from Brian Moriarty at 888-EPR-REIT or info@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. For additional information, please visit http://www.empireresorts.com.
