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


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)