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The investors say they have demanded the $3 million buyback, but Cappelli has refused to redeem their interests. Cappelli did not respond to a request for his side of the story. The casino has its genesis in the Concord Resort Hotel, a part of the Borscht Belt resorts that catered to Jewish families for decades until they fell out of favor. The Concord filed for bankruptcy and closed in 1998. Concord Associates LP, led by hotel developer Joseph M. Murphy, with Cappelli as a partner, bought the hotel for $10.25 million in a bankruptcy auction in 1999. The plan then, according to news accounts, was to renovate the Concord and develop a resort and convention center. Cappelli quickly gained control of the project. His Concord Equities LLC bought out interests in the 1,500 acres around the Concord held by Russell Berrie of Englewood, New Jersey; JoAnn M. Murphy of Eastchester; Lake Shore Associates LLC of Eastchester; and Stephens Group Inc.
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–Patrick Johnson / The Republican via AP SPRINGFIELD, Mass. (AP) — A casino billboard visible from a Massachusetts highway won’t use animations to draw visitors to MGM’s $960 million resort. The Massachusetts Gaming Commission on Tuesday unanimously denied the Las Vegas company’s request to run videos and moving images on a large, electronic billboard on the side of its parking garage facing Interstate 91 in Springfield. The five-member panel said the casino, for now, can post static images that rotate no more than every eight seconds. The commission will revisit the issue in 90 days.
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