Monticello, NY – Empire Resorts, the company that owns Monticello Casino and Raceway, has termined its agreement to develop a casino and racetracy at the site of the former Concord Hotel in nearby Kiamesha Lake.

Westchester developer Louis Cappelli leveled the former hotel building and had plans to build a new resort and entertainment destination on the site.

Empire Resorts continues to seek federal approval to build a full casino on 29 acres of property it owns adjacent to its Monticello facility and continues to pursue agreements with Native American tribes.

Despite increrased competition from the video lottery terminal operation at Yonkers Raceway and two casinos in nearby Pennsylvania, the latest financial filing by the company is encouraging. Empire Resorts reported its net revenues increased approximately $1.6 million — five percent — for the six months ended June 30, 2010 compared to the same period last year. Revenue from video gaming increased by about $1.3 million.

(Source: MidHudsonNews)