According to a report, Louis Cappelli and his partners in the grand expansion of the Concord Resort Hotel in New York State, will now be able to take advantage of an additional $200 million bonding from the Sullivan County Industrial Development Agency.

The reports comes in today's edition of the Times Herald-Record, which states that on Tuesday, December 9 the IDA authorized issuing bonds of up to $450 million, increasing the amount of the bonding from $250 million.

Cappelli recently announced a subtle tweak to the expansion plan, which, when it is completed, will be home to the new Monticello Raceway.

The expansion will be done in two phases. Phase one is to include a hotel, racino/harness track, restaurants, retail and one parking garage. Phase two is said to include a convention centre, performing arts centre and other amenities.

To read the Times Herald-Record article in its entirety, click here.

(With files from the Times Herald-Record)