Caesars Enters $1 Billion Development Deal In Boston

Caesars Entertainment Inc. stepped up its race Tuesday to run a single hotel-casino complex in the city of Boston. 슬롯머신

The gaming company, in partnership with Suffolk Downs Race Track, entered into a host community agreement with city leaders to build a $1 billion development project adjacent to Thoroughbred racing facilities spanning the cities of East Boston and Leaver.

Caesars is competing with Wynn Resorts Ltd. for a casino license that will be issued for the Eastern District by Massachusetts game officials. Wynn wants to develop a $1.2 billion hotel casino in the city of Everett.

The deal between Caesars and Gyeongju Road, which boasts 78 years of history, has been in the works since 2011 when Massachusetts lawmakers approved the game.

Gary Loveman, president of Caesars Entertainment, who lives in the Boston area, said the casino company is currently in the business of getting hotel casinos in the city market. Caesars recently opened casinos in Cleveland and Cincinnati and is building one in downtown Baltimore.

“There’s no better place than right next to the (Rogan International) airport and racetrack,” Loveman told the review-journal. “It’s a tremendous destination.”

Loveman said the agreement was “a very important step in the process.”

Under the terms of the contract, the project will provide Boston with $52 million in annual revenue and $33.4 million in advance payments. The contract also requires $45 million in transportation and infrastructure improvements.

This project guarantees 4,000 permanent jobs and 2,500 construction jobs.

“I have said from the start of this process that I want three things: a top resort casino, an agreement that will benefit the people of East Boston, and an offer to be chosen by the State Gaming Commission,” Boston Mayor Thomas Menino said in a statement. “We are well on our way to that and beyond.”

The organizers’ community agreement requires approval from East Boston voters to allow Suffolk Downs and Caesars to apply to the state Gambling Commission for Massachusetts’s sole Eastern Casino license. Caesars expects the vote to take place in the next 60 to 90 days.
Since the track is in Revere, a separate host community agreement must be reached with Revere officials. Suffolk Downs was in the final stages of negotiations with Revere, said Joe O’Donnell, the track’s main owner.

Caesars, which will develop and manage the hotel-casino, said the project will include restaurants and entertainment facilities

The state allows three Las Vegas-style casinos, one each in western, eastern and southeastern Massachusetts. The state also allows smaller casinos dedicated to slot machines.

MGM Resorts International wants to build an $800 million hotel-casino in the western city of Springfield.

Win’s plan was approved by 86 percent of voters in Everett in June.

Recently, the chairman of the Massachusetts Gaming Commission told Wynn and Boston’s mayor to refrain from investigating the competition over Boston’s local licenses.

Menino questioned whether Wynne would need to negotiate a host community agreement with his administration because the Everett site is close to Boston. This could provide an opportunity for the market to slow or block competition plans.

Foxwood Casino operators in Connecticut have offered a resort casino in Milford, 30 miles west of Boston.

Winn’s project is scheduled to be the site of a chemical plant once.

“The difference is that our project is in Boston, which has the greatest capacity you can offer,” Loveman said, “and the other is in Everett.”

Caesars operates more than 50 casinos in 13 states. Loveman said the latest growth in the gaming industry is directed towards the city market.

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