Caesars Entertainment and Suffolk Downs Racetrack have come to an agreement with the City of Boston to build a new $1 billion Las Vegas style casino next to the racetrack. This piece of gambling news comes as the race for Massachusetts casino licenses reaches boiling point.
The proposal will be taken before Boston voters before being handed over to local state gambling regulators to decide whether to award a license. The new proposal will be going head to head with another major deal from giant casino operator Wynn Resorts, who have submitted a proposal to build a $1.2 billion casino in nearby Everett.
With American gambling laws meaning pretty tight regulations on the number of licenses, the fight to secure one of the sought-after resort approvals has really heated up in recent times, with a number of proposals aiming to hoover up the remaining Massachusetts licenses.
The principal owner of Suffolk Downs, Joe O’Donnell, is proud of their relationship with Boston, and stated: “Our proposed development will directly benefit Boston with annual payments as well as up-front investments in schools, parks, vital services and transportation improvements. We believe our proposed project has the best location and will create the most local jobs and provide the greatest growth in tourism, hospitality and conventions and meetings in the Commonwealth.”
The absence of online and mobile casinos in the state means that these casinos are even more essential to local gamblers, and competition for their patronage is high amongst the rival casino owners, be they mega-casinos or tiny little betting shops.
The companies behind the proposal estimate that the business will provide Boston with $52 million worth of annual payments, in addition to additional investment in the area. They hope that this large figure will help sway the state gambling authority in their favor.