Suffolk Downs applies for license

Racetrack applies for Massachusetts casino license

BOSTON | Sat Aug 11, 2012

BOSTON Aug 10 (Reuters) - The Suffolk Downs racetrack put its cards on the table on Friday, formally notifying gambling officials it was seeking one of Massachusetts' new casino licenses as part of plans for an entertainment complex that could create thousands of jobs.
Owners of the East Boston racetrack said they had submitted a $400,000 non-refundable fee to the Massachusetts Gaming Commission to get the ball rolling, one day after the commission began accepting applications.
"We begin this formal part of earning a license to develop a world-class destination resort at our 77-year-old racetrack with great enthusiasm and with the understanding that our project must set the standard for gaming development in Massachusetts," said Richard Fields, Suffolk Downs principal owner.

Of Richard Fields, who bought the devotion of Senator Petrucelli and Mayor Tom Menino with  'charitable contributions' to avoid public scrutiny, this should prove interesting --  
Because if you’re waiting for Richard Fields to come up with a billion dollars from a cash-challenged track, you might want to pass the time by making an appointment to see Mr. Godot. Caesars is showing that it could raise the money, if it needs to, while Fields’ inability to swing even a bargain-price purchase of Trump Marina means the jury’s still out on his rainmaking abilities.
http://dmckee.lvablog.com/?p=9103

Massachusetts legalized casino gambling in 2011. Lawmakers carved the state up into three districts, and allotted one casino license to each. Suffolk Downs has been seen as the front-runner for the Boston-area license.
All casino applicants will face a months-long review process likely to stretch into next year.
Suffolk Downs is in a second phase of public meetings to promote its plans. It has committed $40 million to improve local roads and intersections if the casino gets the go-ahead.
The racetrack would join forces with casino operator Caesars Entertainment Corp. and build a Caesars-branded resort at Suffolk Downs that includes a casino, hotel, restaurants and retail outlets.

Ahhhh.....Caesars [formerly Harrah's, the same one that determined 90% of their profits came from 10% of their patrons, Gambling Addicts] --

Property taxes - it might seem that Caesars doesn't like to pay their fair share anywhere --

Atlantic City is forced to raise taxes because of Caesars' reduced property taxes -
Driving the tax increase....   came mainly because of tax appeal settlements, including those that reduced property values for Caesars Entertainment Corp.’s four local properties.
Caesars casinos skips out on local property tax burden in Missouri
The Gambling Industry Never Wants to Pay Its Fair Share
Casinos Seek Halt to Collection of Back Taxes
...Caesars Entertainment a refund of $31 million.


Of Caesars' debt --

Juggling Massive Debt
Caution: 'Sluggish' U.S. gaming worries Moody's
....Caesars Entertainment Corp. .... "at great risk."
.... nearly $20 billion in long-term debt, an industry high.
...Northeast...United States include potential oversupply and negative growth


That consulting group, Spectrum Gaming Group, determined in its voluminous report that Caesars Entertainment Corporation had more than $26 billion in debt. It recommended the commission continue to monitor the company.



The track, the only thoroughbred horse racing venue in New England, would continue to operate.
The Suffolk Downs development proposal says it could generate $200 million annually in new state tax revenues, and thousands of jobs - first in construction and then at the planned resort.

http://in.reuters.com/article/2012/08/10/usa-massachusetts-casino-idINL2E8JAFNK20120810