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Mohegan Sun Submits License Application To New York State Gaming Commission

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SOURCE Mohegan Sun

Proposed $550 million resort casino in Thompson will revitalize Sullivan County economy, generating thousands of new jobs and billions in economic benefits

SCHENECTADY, N.Y., June 30, 2014 /PRNewswire/ -- Mohegan Sun today submitted its final application to the New York State Gaming Commission for a casino license in the Catskills/Hudson Valley region – proposing a $550 million destination resort casino on the site of the historic former Concord Resort Hotel in Thompson, Sullivan County.  The facility would be branded as "Mohegan Sun at the Concord."

The destination resort and casino would extend over approximately 60 acres of the 140.3 acre property and would be developed by Mohegan Sun in partnership with the Cappelli Organization, which owns and manages the property.

"We're tremendously excited to share our vision for the future of Sullivan County – a vision that features a world-class entertainment and tourism destination that will generate thousands of jobs and new economic development for the region," said Mitchell Etess, CEO of the Mohegan Tribal Gaming Authority. "Just as important, Mohegan Sun at the Concord will be a unique destination with one-of-a-kind amenities that will attract a new generation of visitors to this former center of tourism in the beautiful Catskills."

Mohegan Sun delivered 20 copies of the application to the Gaming Commission contained in 20 boxes. Each copy of the application is comprised of approximately 10,000 pages of documents.

Planned amenities at Mohegan Sun at the Concord include seven unique dining options at a variety of price points, a 252-room hotel complex, performance venues of all sizes for music, comedy, and live shows and 52,000 square feet of casino space incorporating more than 2100 gaming positions.  Retail and nightlife offerings are planned as well.

"Sullivan County is poised to play a central role in this new industry and develop the type of destination that will make expanded gaming a success in New York. In addition, our partnership with the Cappelli Organization creates a number of exciting opportunities to become a catalyst for revitalization of the overall Catskills Region," said Etess. "We believe in Sullivan County and are confident that our premier brand and unmatched guest service and hospitality can stimulate its long awaited revival."

Construction and design of the resort will be planned by Marnell Companies LLC, a world-renowned architectural and design firm with decades of experience and a track record that includes some of the most complex, high-profile projects in the gaming and hospitality industry, including the Borgata Hotel Casino, Mirage, Bellagio Hotel in Las Vegas and Atlantic City and Caesars Palace Las Vegas.

"Today's submission of an application for a Class III Gaming license by Mohegan Sun at the Concord has been a long time in the making and we are so very pleased to wholeheartedly support this project and their bid." said Scott Samuelson, Chairman of the Sullivan County Legislature. "The success of the Mohegan Sun at the Concord application will mark the beginning of an economic rebirth for Sullivan County and the entire region. The revitalization of the tourism industry in Sullivan is a goal that this community has been working toward for decades. This opportunity marks the beginning of a brand new future in an area world renowned for tourism and hospitality for generations."

Mohegan Sun at the Concord is estimated to produce $3 billion to $3.7 billion in total economic benefits over a 20-year period, with approximately $1.5 billion to $1.86 billion of those gains to be realized in Sullivan County alone, according to a study conducted by Shepstone Management Company.  In addition, Mohegan Sun at the Concord is expected to create at least 4,500 construction jobs and more than 2,100 permanent jobs once the resort is complete.

"We have been working with Mohegan Sun and Concord for several years to bring good jobs to Sullivan County", said Todd Diorio, President of the Hudson Valley Building and Construction Trades Council.  "We support the casino application of Mohegan Sun at Concord and Look forward to a major union construction project in Sullivan County that will create thousands of jobs and regional economic development Sullivan County desperately needs."

Mohegan Sun at the Concord would serve as an economic catalyst for the region - spurring additional development and redevelopment projects in various areas throughout the county. This includes the revitalization of the world class 27 hole Big "G" golf course at the Grossinger Country Club, the development of Grossinger's in Liberty with a spa, hotel and vacation homes, and the redevelopment of three-acres in downtown Monticello to house additional retail restaurants and entertainment venues.

"I am thrilled to welcome Mohegan Sun to Sullivan County and encourage the New York State Gaming Commission to approve their application so that our region becomes the focal point of Governor Cuomo's gaming initiative," said Bill Reiber, Town of Thompson Supervisor. "Our area needs the jobs and tax revenue that will come with such a high-profile investment in our tourism industry.  We are looking forward to showing New York and the world just how beautiful and exciting a trip to the Catskills can be."

In a regional survey comparing Sullivan, Ulster, Tioga, Orange, Albany, and Saratoga Counties, Capacity Business Consulting identified Sullivan County as having the highest unemployment rate at 8.9 percent, the lowest per capita income level at $24,462 per year, and the highest historical unemployment level at 6.73 percent, almost double that of Saratoga and Albany Counties.

"I'm very excited that Mohegan Sun at the Concord has completed their application and look forward to a time when Sullivan County receives revenue and jobs from this significant project that will dramatically improve our economy," said Ira Steingart Chairman of the Sullivan County Industrial Development Agency. "Speed to market is an advantage that Mohegan Sun at the Concord has and construction is ready to start immediately once approval is given by the New York State Gaming Commission."

The Mohegan Tribal Gaming Authority

The Mohegan Tribal Gaming Authority is an instrumentality of the Mohegan Tribe of Indians of Connecticut and the owner and operator of a gaming and entertainment complex located in Uncasville, Connecticut, known as Mohegan Sun, and a gaming and entertainment facility located in Plains Township, Pennsylvania, known as Mohegan Sun at Pocono Downs. For more information, visit: www.mtga.com.

About The Cappelli Organization:

The Cappelli Organization has developed more than 10 million square feet of mixed use, retail, waterfront, single and multi-family residential, hotel, office, industrial laboratory and parking facilities, with a portfolio value exceeding $3 billion. Among its prestigious developments are: Renaissance Square - a $700 Million, 900,000 square foot development that is anchored by a full service Ritz-Carlton Hotel with two 43-story Ritz Residence towers, a 60,000 square foot Triple A office building and a 900 car multi-level underground parking structure; and City Center at White Plains - a $500 million, 1.1 million square foot mixed use complex containing a regional retail complex, 15 multi-plex movie theater and 3 residential towers containing 500 rental and condominium homes. These two developments have been hailed as the catalyst for the revitalization of downtown White Plains.

 

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