New York-based developer KG Urban announced on Tuesday that it is supporting a $650 million casino project for New Bedford Waterfront, meeting the most recent application deadline extension and submitting the required financial terms sheet.
Andrew Paven, a spokesman for the company, said in a statement that KG Urban had signed an agreement with Gaming and Lease Properties Inc (GLPI), a Pennsylvania-based real estate investment trust. The signed term sheet between the two companies was submitted to the Massachusetts Game Commission on Tuesday at 2 p.m.
GLPI is to financially support a project to establish hotel and casino facilities at KG Urban’s New Bedford Waterfront. The $650 million property will be located on the site of the former NSTAR plant.
The Massachusetts Game Commission has extended its application deadline four times in the past five months. On Tuesday, the regulator’s spokeswoman Elaine Driscoll confirmed she had received the necessary documents. The report is currently being reviewed by the Commission’s Bureau of Investigation.
The director is also expected to provide overall information on licensing procedures in the southeastern Massachusetts or C region, as is commonly noted at the next public meeting of state regulators to be held on Thursday, June 11.
The deal with GLPI is another hurdle KG Urban has overcome. However, the company now has to complete certain application materials and submit them later this summer or early autumn. In addition, a citywide vote will take place on June 23 and must be supported by New Bedford residents for the project to be completed.
John Mitchell, mayor of New Bedford, commented on the latest announcement as a positive step toward millions of efforts. The official also promised to support KG Urban to launch hotel and casino properties.
Several public forums will be held in New Bedford weeks before the citywide vote. Therefore, residents will be given the opportunity to comment on the casino proposal. 파칭코
KG Urban competes with Mass Gaming & Entertainment for the only local C casino license. The latter company offered to build a $650 million casino resort in Brockton Fairgrounds. Residents of the city had the opportunity to vote for the project on May 12 and narrowly approved it.
Apart from casinos in southeastern Massachusetts, the Massachusetts Game Commission granted two additional casino permits and a license to operate a slot hall.
MGM Resorts is currently building an $800 million hotel and casino in Springfield and is expected to open sometime in 2017. In addition, Wynn Resort is in charge of a $1.75 billion project in the Boston area. Win Everett is also expected to welcome its first visitor in 2017.
The Plainridge Park Casino in Plainville will officially open on June 24. The property has 1,250 slot machines, some of which offer multiplayer games.