Cappelli sues EPT, Empire
March 14, 2012 —
Developer Louis Cappelli’s Concord Associates has filed a federal lawsuit against Empire Resorts and Entertainment Properties Trust (EPT), alleging that the latter broke anti-trust laws in collaborating to block his racino plans for the site of the old Concord Hotel. The suit seeks $1.5 billion in damages.
Cappelli still owns about 116 acres of the hotel site, but Empire Resorts and Entertainment Properties Trust now own the balance of the 1600 acres once belonging to the hotel. The transfer of property was part of a 2010 settlement of a legal dispute, in which both sides sued each other.
Both Cappelli and the Empire Resorts/EPT partnership have put forth plans to create resorts with hotels, racetracks and other amenities on the adjacent properties.