A United States appeals court ruled in support of resort operator EPR Resorts, formerly known as EPT Concord. The organization is in charge of the construction and operation associated with the Montreign Resort into the Adelaar area in nyc that will host the Montreign Casino. The court ruling ended up being against property developer Louis Cappelli and Concord Associates.
Back 1999, the designer’s Concord Associates bought a 1,600-acre site intending to create a casino resort. In 2007, the entity required capital of $162 million, which it borrowed from the former EPT. To be able to secure its loan, it used vast majority of its home as collateral.
Although Concord Associates did not repay its loan, it might continue featuring its plan for the launch of the casino but on a smaller slice associated with the previously bought site. Yet, it had to finance its development by way of a master credit agreement, under which any construction loan needs been guaranteed 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 matter to court arguing that their proposal complied because of the agreement between your two entities.
EPT, on the other hand, introduced its very own plans for the establishment of a casino resort. The gambling facility is usually to be run by gambling operator Continue reading “Appeals Court Backs EPT Concord in Concord Associates Agreement Case”