New York-based developer KG Urban, which is behind the project for a $650-million casino on the New Bedford waterfront, announced on Tuesday that it had met the latest application deadline extension and had filed the necessary financial terms sheet.
Andrew Paven, a spokesman for the company, wrote in a statement that KG Urban had inked an agreement with Gaming and Leisure Properties Inc. (GLPI), a Pennsylvania-based real estate investment trust. The signed term sheet between the two entities was submitted to the Massachusetts Gaming Commission at 2 pm on Tuesday.
GLPI is to back financially KG Urban’s project for the establishment of a hotel and casino facility on the New Bedford waterfront. The $650-million property is to be located on the site of a former NSTAR power plant.
The Massachusetts Gaming Commission has extended the application deadline four times over the past five months. On Tuesday, Elaine Driscoll, a spokeswoman for the regulator, confirmed that it had received the necessary documentation. The term sheet is currently being examined by the commission’s Investigations and Enforcement Bureau.
The Bureau is also expected to provide overall information on the licensing process for Southeastern Massachusetts or Region C, as it is usually referred to, during the state regulator’s next public meeting, which is to take place on Thursday, June 11.
The deal with GLPI is yet another hurdle KG Urban managed to overcome. However, the company now has to complete certain application materials and to file those late this summer or early in the fall. Furthermore, a citywide vote is to take place on June 23 and the project needs to be backed by New Bedford residents in order to be completed.
Jon Mitchell, Mayor of New Bedford, commented on the latest announcements as a positive step for the multimillion endeavor. The official also promised that he will support KG Urban in order for the hotel and casino property to be launched.
Several public forums will be held in New Bedford in the weeks before the citywide vote. Thus, residents will be given the opportunity to voice their opinion on the casino proposal.
KG Urban competes with Mass Gaming & Entertainment for the only Region C casino license. The latter company proposed the construction of a $650-million casino resort on the Brockton Fairgrounds. Residents of the city had the chance to vote on the project on May 12 and approved it narrowly.
Apart from a casino in Southeastern Massachusetts, the Massachusetts Gaming Commission granted two more casino licenses and one for the operation of a slot parlor.
MGM Resorts is currently building a $800-million hotel and casino in Springfield, which is expected to open doors sometime in 2017. In addition, Wynn Resorts is in charge of a $1.75-billion project in the Boston area. Wynn Everett, too, is expected to welcome its first visitors in 2017.
Plainridge Park Casino in Plainville, the state’s only slot parlor, is to have its official opening on June 24. The property will feature 1,250 slot machines, with some of those offering multiplayer games.
The state Gaming Commission is expected to announce its decision on which of the two projects for a casino in Southeastern Massachusetts will be backed sometime this fall.
