KG Urban, the real estate developer that proposed to build a $650-million casino on the New Bedford waterfront in Southeastern Massachusetts, announced at a Monday meeting that it had managed to secure sufficient funds for its project before the May 4 deadline that the Massachusetts Gaming Commission had previously set.
The New York-based developer also pointed out that two other partners have joined the project – Gaming and Leisure Properties, the gambling operator that proposed a casino in Milford back in 2013, and Scott Butera, former Chief Executive Officer of Foxwoods.
Jon Mitchell, Mayor of New Bedford, said in a letter to the state gaming regulator that the city is “thrilled that the project can now move to the next stage.”
The Massachusetts Gaming Commission said that a license for the construction of a casino in the southeastern part of the state would be awarded only after at least two developers have submitted their applications.
As previously reported, it took KG Urban a few months and three deadline extensions before it submitted the necessary financing plan for its project. The latest deadline expired at 5:30 p.m. on May 4, but the company announced that it had secured funds for the construction of the property right on time.
Mass Gaming and Entertainment, the real estate developer that proposed a $650-million casino in Brockton, filed the necessary paperwork back in January. Gaming operator Rush Street Gaming and George Carney, owner of the so-called Raynham Park, a gambling facility that simulcasts dog races from other properties, are working together on the project. Mr. Carney also owns the site where the Brockton casino is to be located, if approved by the state.
Crossroads, the third bidder for a casino in Southeastern Massachusetts, asked for yet another extension of the application deadline. The Massachusetts Gaming Commission said that it will review the request and will announce its decision at a later public meeting. If the developer gets the extension and wins the license, it will build a gambling venue in Somerset.
New Bedford residents are to vote on the casino project on June 23. Brockton voters will be given the opportunity to state their opinion whether they want a gambling venue in the area on May 12. Somerset has not set a date for a townwide vote yet.
The state gambling regulator is expected to announce its final decision on which of the three bidders is to be granted the third Massachusetts casino license later in 2015. MGM Resorts and Wynn Resorts have already been awarded licenses for the construction of a $800-million resort in Springfield and a $1.7-billion one in Everett, respectively.
