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NYSRWB/Cappelli Difference Of Opinion

Published: November 23, 2011 3:31 pm ET

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According to a report, the New York State Racing and Wagering Board has informed developer Louis Cappelli that it may no longer be in a position to "take favourable action on the Concord’s 2011 application" in regard to approvals to erect a racino and entertainment complex at the site of the old Concord Hotel at Kiamesha Lake.

An article by midhudsonnews.com explains that the NYSRWB's change in position has come because the board claims that Cappelli's Concord Raceway Corporation has not stood by its representations, commitments and the projected timetable to secure funding and submit plans and approvals for its racino endeavor.

The report also chronicles written November 2011 correspondence between Cappelli and NYSRWB Chairman John Sabini regarding the issue.

(With files from midhudsonnews.com)


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