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Ulster County Legislature Unanimously Votes ‘Yes’ On Casino Gaming At The Nevele

–Ulster County Legislature Passes Resolution Urging Governor to Designate the Nevele Hotel as a site for Casino Gaming —

 Wawarsing/Ellenville, NY – June 20, 2012:  Demonstrating the broad, bi-partisan support for the effort to reopen the historic Nevele Grande Hotel as a family entertainment vacation destination with casino gaming, the Ulster County Legislature last night unanimously passed a resolution urging New York State Governor Andrew Cuomo and State lawmakers to designate the site as part of a broader initiative to legalize gaming throughout the state.

Legislators Craig Lopez and Thomas Briggs, the co-sponsors of the resolution, were encouraged by the unanimous consent in the legislature.

“I feel 22-0 sends a strong message to the state that the redevelopment of Nevele is key to the revitalization of our area, creating 1,000 plus jobs, stimulating local businesses and driving tourism to the Catskills,” said Legislator Lopez. “It’s a step forward and I will continue working closely with Supervisor Scott Carlsen who has already been instrumental in the redevelopment efforts.”

“I want to thank Chairwoman Bernardo and the entire Legislature for their support,” said Supervisor Scott Carlsen. “We now have unanimous, bi-partisan resolutions from the Village of Ellenville, Town of Wawarsing, and Ulster County in support of the Nevele.”

The town boards of both Wawarsing and Ellenville have unanimously passed resolutions endorsing inclusion of the Ellenville/Wawarsing region in state legislation permitting casino gaming. This latest vote by the Ulster County Legislature is the final step in securing broad, bi-partisan County Wide support for the project and casino gaming in the region.

“Ulster County has been hit hard by the deterioration of the resort industry and the recent recession, this resolution demonstrates a recognition that casino gaming is the answer to restoring this community back to its former glory,” said Michael Treanor, CEO of Nevele Investors, LLC. “We are positioned to breathe life back into the Nevele Grande and into the Catskills tourism industry while stimulating the local economy through tax revenue and the creation of thousands of quality jobs. This revival is only possible if casino gaming is brought to Ulster County,” added Mr. Treanor.

In April, Nevele Investors finalized the purchase of the 500-acre site in Wawarsing, NY.  The group is planning the development of a family friendly, five-star gaming resort that will serve as an anchor of the revitalization of the Catskills historic resort region.

If casino gaming is approved for the resort, Nevele Investors, LLC anticipates up to a $500 million redevelopment, which would transform the current site into a resort and casino employing as many as 1,000 people. The investment group intends to preserve several of the Nevele’s iconic elements, including the tower and ice rink. The investment group also plans to re-open the Nevele’s professional golf course and to restore it to its former championship-level status.

The Nevele Grande has been closed since 2009 and the property had gone into receivership prior to the purchase by Nevele Investors, LLC.

About Nevele Grande Hotel and Country Club

The Nevele property, located in the Town of Wawarsing, NY, just outside the Village of Ellenville, spans nearly 500 acres and was long considered the crown jewel of the booming Catskills resort industry. The Nevele, which opened its doors in 1903, was, for over a hundred years, one of the region’s prime recreation and sporting destinations.  The property includes over 450 hotel rooms in several buildings including an iconic nine-story tower. The property has numerous amenities, including a professional golf course which has hosted championship events, indoor and outdoor pools and tennis courts, a ski and toboggan slope, an art deco ski chalet with sunken fireplaces, a large outdoor ice rink with a stunning cantilevered roof, hiking trails, horseback riding stables, and an indoor fitness center. The site is convenient to the New York metropolitan area and is readily accessible from Route 17 (I-86) and U.S. Route 209.

About Nevele Investors LLC

Nevele Investors LLC is a wholly-owned subsidiary of Claremont Partners Limited.  Claremont Partners Limited is an investment company focused on early-stage gaming opportunities worldwide.  Larry Woolf, Chairman Emeritus of Claremont Partners and Michael Treanor, Director and Chief Executive Officer of the company, each have extensive experience in domestic and international gaming and both are highly regarded within the industry.

Mr. Woolf, who has initially been designated to operate the casino at the Nevele, has been in the gaming industry for over 40 years. Mr. Woolf has served as President of Caesar’s in Lake Tahoe, NV and as Chairman and Chief Executive Officer of MGM Grand Hotel & Casino in Las Vegas, NV. He is the founder and principal of Navegante Group, Inc., a leading full service gaming company.

Mr. Treanor has over 20 years of real estate and investment experience. He has worked as a corporate and real estate attorney at New York-based Cadwalader, Wickersham & Taft, in the Real Estate Investment Banking Group at Lehman Brothers Inc. and as a partner in real estate merchant banking firm Fremont Realty Capital.  Mr. Treanor left Fremont in 2005 to form and manage a series of investment companies focused on development and redevelopment of gaming and leisure properties in Miami, Las Vegas and Asia.

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