New York-based real estate developer KG Urban Enterprises, which proposed the construction of a $650-million casino resort on the New Bedford waterfront, was granted yet another application deadline extension by the Massachusetts Gaming Commission.
The company has up to June 9 to submit a term sheet, which needs to be signed by all the parties involved in any way in the multimillion project. The final term sheet will have to provide information on how those are to own and share both the benefits and the obligations of the property. Once the paper is submitted, the state gaming regulator will be able to commence a thorough background check.
Before the commission voted on the deadline extension, Andrew Stern, Managing Director and Principal of KG Urban, told commissioners that the developer had previously provided two term sheet drafts and considered those “pretty close” to what a financing agreement should look like.
Once the regulator decided on the deadline extension, Mr. Stern was asked as to whether KG Urban would be able to finalize the financing deal by June 9. The executive stated that there are no sticking points that would prevent the agreement from being reached and that the only thing they need now is a little more time.
The Massachusetts Gaming Commission formerly granted several deadline extensions to all three applicants that expressed interest in building a casino in the southeastern part of the state or Region C as it has formally been designated. The gambling regulator has repeatedly pointed out that a competitive situation is the best possible way for getting what is best for communities regarding casino revenue, economic development, jobs, etc.
According to Stephen Crosby, Chairman of the state Gaming Commission, more than one applicants would be the best-case scenario. Yet, he pointed out that they are equally prepared to deal with just one casino bidder.
New Bedford residents will be given the opportunity to vote on the $650-million casino project on June 23. Public forums on the topic will be held around the city on June 4, June 10, and June 17.
Mass Gaming & Entertainment, which proposed a $650-million casino resort at the Brockton Fairgrounds, is KG Urban’s sole competition for the only Region C casino license. Unlike its rival, the Brockton bidder has already submitted the necessary papers to the Massachusetts Gaming Commission. Furthermore, on May 12, Brockton residents voted narrowly in favor of the expensive project.
Apart from the Brockton and New Bedford bids, the Mashpee Wampanoag tribe has also voiced interest in opening a casino in the region. The latter, however, needs federal approval in order to be able to do that.
