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Empire Resorts Suing Concord Associates

Published: February 1, 2011 3:59 pm ET

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It has been reported that Empire Resorts, the owner of Monticello Raceway, is suing its former business partner, Concord Associates, which is headed by Louis Cappelli.

According to an article by the Times Herald-Record, a breach of contract suit seeking $307,742.52 was filed last week by Monticello Raceway Management Inc.

Cappelli had proposed to erect a racino and resort at the site of the old Concord Hotel. The location, which would have become the new home of Monticello Raceway, fell through when he couldn't get enough financing for the project.

The article states that the Times Herald-Record did correspond with Cappelli on Monday, January 31 in regard to the matter, and Cappelli stated that the lawsuit was "just a contract disagreement with Empire," and that "it will be adjudicated and resolved through the courts."

(With files from the Times Herald-Record)

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