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Developer bets on Empire Resorts

MONTICELLO, New York – As reported by the Times Herald-Record: "Westchester developer Louis Cappelli just bought a big slice of Empire Resorts, which owns the Monticello Raceway.

"With the prospect of a St. Regis Mohawk casino at the track heating up again, Cappelli's Concord Associates exercised an option yesterday to buy 2.5 million shares for $18.75 million, to be paid by Jan. 31.

"In December 2005, Empire Resorts walked away from a deal to purchase the Concord and Grossinger's resorts, leaving Cappelli with options to buy the stock at $7.50 a share…"

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