The large racino/entertainment destination endeavour planned for the Concord Resort Hotel in New York State had seemed rather bulletproof up until now.
The Times Herald-Record reported today that the $1 billion racino resort has been scaled back and much is currently up in the air. Questions have now arisen as to whether construction will be going forward this spring, if the project will be erected in phases, and when everything will be complete.
The report states that financing has been an issue since lenders have reduced their commitments. The Times Herald-Record cites sources as saying Concord owner Louis Cappelli and his partners are attempting to lock up a $500 million construction loan, then another $250 million loan within 60 days.
"We are deciding whether or not we should proceed with partial financing now or wait until we have it all," Cappelli was quoted as saying via email.
Cappelli went on to state via email that, "We still believe that summer 2010 is attainable. The question is, because of the weather now, do we want to open in the winter of 2010 as opposed to the spring 2011?"
To read the Times Herald-Record report in its entirety, click here.
(With files from the Times Herald-Record)