Cappelli-Empire Relationship Over

Published: October 1, 2010 04:30 pm EDT

In New York, Empire Resorts, owner of Monticello Raceway, has ended its relationship with developer Louis Cappelli by severing an agreement on Cappelli’s aborted Concord hotel project

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Empire cited Cappelli’s inability to obtain financing as cause for ending its deal, which had included a 40-year agreement to manage a future harness track at the Concord in return for a $2 million a year fee and a percentage of take on a proposed racino.

The Times-Herald Record said that Cappelli owes millions to contractors, and $40,000 to the town of Thompson for engineering fees.

(Harness Tracks of America)

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