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'Racino' resort in Catskills OK'd
Tuesday, June 24, 2008 at 6:04:05 PM
The State Legislature approved a measure earlier this week that will pave the way for a $1 billion racetrack-casino resort at the old Concord Hotel in the Catskills -- a project to be spearheaded by Westchester developer Louis Cappelli and RexCorp Realty of Uniondale, which is a partner in the deal.
The legislature Monday approved a measure that will lower the tax rate on Video Lottery Terminal revenue in return for a $1 billion investment and a commitment to create 2,000 permanent jobs.
Cappelli is aiming to build the complex, known as a racino, by re-locating what is now offered at the Monticello Gaming and Raceway off Route 17, some 2.5 miles from the now shuttered Concord Hotel, once one of the largest and best-known of the Catskills hotels. The hotel closed in 1998, but its golf course is still operating.
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