Monticello, NY -- (Sports Network) - The operator of Monticello Raceway in upstate New York has announced plans to build a new harness track and entertainment complex. Empire Resorts will construct a new Monticello Raceway and Casino at the site of the Concord Hotel in the Catskill Mountains.

An agreement has been reached with Concord Associates to build an entertainment and gaming complex on the 160 acre location. The total cost is projected to be $700 million.

"This ambitious project will create thousands of union jobs for the region and the Catskills," said Louis R. Cappelli, managing member of Concord Associates, "which will now be able to once again claim the coveted position of being New York's premier tourist destination."

Construction of "Entertainment City" is scheduled to begin later this year and open in 2010. The complex will contain a hundred-thousand square foot gaming area, convention center, hotel, golf, retail stores, restaurants and various family entertainment activities.

"This is a win across the board for Empire's shareholders and Sullivan County's residents," said Empire Resorts CEO David Hanlos. "The local economy will get the boost it needs in terms of jobs and this project is expected to enhance the value of the company for our shareholders, who will finally be rewarded for their patience in waiting for the day when we can build a world- class resort and gaming complex in the Catskills."

The Concord Hotel is located in Kiamesha Lake and just 2 1/2 miles from the present raceway location. The racetrack began operations in 1958.