Capelli can’t rely on license
November 30, 2011 —
New York State’s Racing and Wagering Board has told Louis Cappelli, developer of the site of the Concord Hotel, that he can no longer cite the letter that the board had given him saying that he would be able to get a license for harness racing. Such permission is considered crucial for Cappelli to establish his planned racino, and he has been using it to help obtain financing.
In explaining its withdrawal of support, the board wrote that Cappelli had made representations to it about “various actions, including financing, which have not been fulfilled.”