Foxwoods Selected To Run Proposed New Bedford Casino
The state of Massachusetts has already issued licenses to MGM Resorts and Wynn Resorts for the construction of mega casinos that are scheduled to be completed before the end of 2017.
MGM Resorts was granted a Western Massachusetts license and they will construct an $800 million casino in Springfield and Wynn Resorts was granted a Greater Boston license and they construct a $1.75 billion on the Everett waterfront.
The state plans to issue another license and there have been a number of proposals already sent in. One such proposal was sent in by New York based development company called KG Urban Enterprises. The state had given KG Urban Enterprises a March 18th deadline to confirm on a provider they would choose to run their proposed $500 million casino on the New Bedford waterfront.
KG Urban Enterprises recently announced that after much consideration they have decided to collaborate with Foxwoods, which is owned by Mashantucket Pequot Indian tribe. KG Urban Enterprises signed a letter of intent with Foxwoods Resorts during the first week of March but has decided not to disclose the terms and conditions as of now.
KG Urban Enterprises are not very confident that their proposal would get approved as New Bedford Mayor Jon Mitchell has concerns over the design of the casino site and has requested the company to resubmit a new design and make a few concessions before submitting it for further review.
In a statement, the Mayor said
We are in discussions with the developer about whether a casino makes sense at the proposed site. The city would be willing to support a casino proposal so long as, on balance, it advances the city’s long-term economic interests.
The New York developer has been less than impressed with the new demands made by the Mayor and are not very keen to make the suggested modifications.
The Mayor will most likely have the final say as there have been two more applications for his review. One group has submitted a proposal to construct a casino in Somerset and another developer wanted to build a casino on the Brockton Fairgrounds in Brockton. If KG Urban Enterprises want their proposal approved, they will definitely need to make amendments and resubmit the proposal They could end up taking advice from the leadership team at Foxwood who have enormous experience in setting up and running casinos.
