KIAMESHA LAKE – EPR Properties of Kansas City, MO, owner of the Adelaar property which will include the Empire Resorts’ casino and resort, experienced an eight percent increase in total earnings last year. Top company officials announced its financial results for 2015 Wednesday evening.
New York State is requiring that Empire Resorts construct its Montreign project in two years and EPR Senior Vice President and Chief Investment Officer Gerry Earnest said financing is lining up for both companies.
“The next major development in the project would be the successful equity raised by Empire Resorts to fund their casino-resort. We are pleased to report to you that Empire Resorts has completed its rights offering and raised approximately $290 million in proceeds,” Earnest said. “Additionally we have made significant progress in the development and construction of the project infrastructure and we expect tax exempt bonds to be issued in the second quarter of 2016.”
Earnest said EPR Properties expects to have 99 percent occupancy in their Adelaar project when completed. It will include hotels, conference center, restaurants and an indoor waterpark, golf course, among other recreational facilities.