by Ray Poirier | Veteran gaming executive Dave Hanlon, CEO of Empire Resorts Inc. (NYNY) thought he had a winner in the casino development at Monticello Raceway in upstate New York. But his plan soured when a partnering tribe failed to win federal approval for a casino.
But all that has changed now that Empire is partnering with developer Louis Cappelli in putting together a Las Vegas-styled facility on the site of the old Concord Hotel, one of the famed Borscht Belt resorts.
The plan calls for the movement of the harness track to the Concord Hotel site. Help for the project came from the state legislature last week when lawmakers agreed to provide a financial incentive through a reduced tax on the video lottery terminals.
The $1 billion project is scheduled for completion in 2011.