A US appeals court ruled in favor of resort operator EPR Resorts, previously referred to as EPT Concord. The company manages the construction and operation for the Montreign Resort within the Adelaar area in New York that would host the casino that is montreign. The court ruling was against real estate developer Louis Cappelli and Concord Associates.
Back in 1999, the designer’s Concord Associates bought a site that is 1,600-acre to build a casino resort. In 2007, the entity needed capital of $162 million, which it borrowed through the previous EPT. To be able to secure its loan, it utilized the greater part of its home as collateral.
Although Concord Associates failed to repay its loan, it could continue with its policy for the launch of a casino but on a smaller piece of this previously bought web site. Yet, it had to fund its development by way of a master credit agreement, under which any construction loan needs to have been guaranteed by Mr. Cappelli himself.
Concord Associates failed in this, too, as well as in 2011 proposed to issue a high-yield relationship totaling $395 million. EPT refused and Concord Associates brought the problem to court arguing that their proposal complied aided by the contract involving the two entities.
EPT, on the other hand, introduced its plans that are own the establishment of a casino resort. The gambling facility is to be run by gambling operator Empire Resort (more…)