ï»¿Appeals Court Backs EPT Concord in Concord Associates Agreement Case
A US appeals court ruled and only resort operator EPR Resorts, previously referred to as EPT Concord. The business is in charge of the construction and operation associated with the Montreign Resort within the Adelaar area in New York that could host the casino that is montreign. The court ruling was against property designer Louis Cappelli and Concord Associates.
Back 1999, the designer’s Concord Associates purchased a site that is 1,600-acre to create a casino resort. In 2007, the entity needed capital of $162 million, which it borrowed through the former EPT. To be able to secure its loan, it utilized the greater part of its property as collateral.
Although Concord Associates failed to repay its loan, it could continue using its plan for the launch of the casino but on join lucky nugget a smaller piece of this previously purchased web site. Yet, it had to invest in its development in the shape of a master credit agreement, under which any construction loan need been assured 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 problem to court arguing that their proposition complied using the contract between your two entities.
EPT, on the other hand, introduced its very own plans for the establishment of the casino resort. The gambling facility will be run by gambling operator Empire R Continue reading Appeals Court Backs EPT Concord in Concord Associates Agreement Case
ï»¿Massachusetts Swings Both Ways with Casino Vote
The MGM Springfield is one casino that is possible to Massachusetts in the near future; it got a thumbs up from local voters this week
This week that is past a great amount of voting happening across Massachusetts, including two key votes on proposed casino tasks within the state. The results had been split, giving both casino proponents and their opponents something to crow about.
Hard Rock Hits the Skids
The larger vote arrived in the town of West Springfield, where there was a proposition to create an $800 million rough Rock casino. The casino had been anticipated to be among the key competitors for the Western Massachusetts casino license.
But that task ended up being dealt what could possibly be a deadly blow on Tuesday, after the voters of West Springfield decided to reject the plan in a general public referendum. About 55% of voters here voted against the casino, with 4,165 coming down against the project versus just 3,413 for it. The loss came as a surprise to many, since the campaign saw supporters of the casino opponents that are drastically outspend.
That rejection narrows the competition for the sole casino license in Western Massachusetts. During the moment, it would appear that only two candidates have a chance at that permit: an MGM task in Springfield, and a Mohegan Sun proposal that would be located in Palmer. The Palmer proposition nevertheless needs to be voted on by residents, while the MGM plan was Continue reading Massachusetts Swings Both Ways with Casino Vote
ï»¿Gansevoort nevada Set to start in Early 2014
The previous Bill’s Gamblin’ Hall (seen here) is being changed completely into the Gansevoort Las Vegas for an early 2014 opening
Since the recession hit Las Vegas big time five years back, it is been a lengthy dry spell without the new casino spaces. Several that have been partially built had been then abandoned, although a number of those, such as the Echelon-now-Genting-Resorts-World, are on their way back up.
Luxury Boutique Hotel Set to start in 2014
But before that behemoth is completed, a smaller but nevertheless very property that is visible be making its debut: the formerly tacky Barbary Coast-turned-Bill’s-Gamblin’-Hall that is being changed into the Gansevoort Las vegas, nevada for an early 2014 opening.
The property in a prime real estate spot right opposite Caesars and the Bellagio, on the part of Flamingo and the nevada Strip gets its makeover courtesy of Caesars Entertainment Corp. (whose spending habits, regardless of the debt ratio that is highest in the gambling industry, makes any sugar daddy’s girlfriend look frugal) and W.A. Richardson Builders.
The property has a history that is interesting as so many gambling enterprises do on the Strip.
Special Licenses Required
Whenever casino impressario Michael Gaughan who also owns the equine stable-equipped South Point in the far south Strip first bought the 1.7 acre home back in 1979, he built the Barbary Coast on it, but not without jumping through some hurdles. Continue reading Gansevoort nevada Set to start in Early 2014
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