It would seem that Gambling Developers realize that the revenue projections are wildly overstated and the Gambling Market is SATURATED.
Both Foxwoods and Mohegan Sun have declining revenues and are mired in debt. Foxwoods defaulted.
According to Senator Petrucelli, the infrastructure upgrades to accomodate Caesars at Suffolk Downs is $500 MILLION.
Massachusetts taxpayers are supposed to subsidize Caesars [mired in debt] and Richard Fields [who couldn't get financing for a bargain basement casino in Atlantic City]?
Let's just REPEAL THE CASINO DEAL! It's a loser!
Gaming board folds on finding competitor for Suffolk Downs
By Dave WedgeWednesday, October 17, 2012
The state gaming board has all but given up its fight to lure new developers for a Boston-area casino, opting not to pay a consultant to help the panel attract high rollers looking to challenge Suffolk Downs.
“We are anxious to have multiple bidders for that license,” Massachusetts Gaming Commission Chairman Stephen Crosby said yesterday. “But there’s not much we can add at this point.”
Crosby and other board members made headlines this summer when they decided to pursue Wall Street investors looking to ante up for a Hub casino. The board had been mulling hiring a consultant to help that effort. But yesterday the panel voted unanimously not to spend money on a contractor and will instead let the chips fall where they may.
“I was originally thinking there could be a real value,” Commissioner Enrique Zuniga said. “But it’s not clear there will be a lot to gain for the commission.”
Commissioner Gayle Cameron added that a consultant would have a “low probability of being effective,” given that bids are due by the end of the year.
So far, Suffolk Downs is the sole bidder for a Boston casino.
The Herald has reported that another developer made cursory inquiries about possibly putting a casino at South Station, but no formal proposals have emerged.
The scuttlebutt is that other casino magnates are still eyeing Boston, and Crosby hopes one will emerge to challenge Suffolk.
“Clearly, competition helps us get the best deal,” he said, pointing to western Massachusetts, where four developers have made proposals. “There continue to be possibilities, people poking around, and there’s still plenty of time. All things considered, it would be better if we had competition in eastern Mass.”
http://www.bostonherald.com/news/regional/view.bg?articleid=1061168191&srvc=rss
“We are anxious to have multiple bidders for that license,” Massachusetts Gaming Commission Chairman Stephen Crosby said yesterday. “But there’s not much we can add at this point.”
Crosby and other board members made headlines this summer when they decided to pursue Wall Street investors looking to ante up for a Hub casino. The board had been mulling hiring a consultant to help that effort. But yesterday the panel voted unanimously not to spend money on a contractor and will instead let the chips fall where they may.
“I was originally thinking there could be a real value,” Commissioner Enrique Zuniga said. “But it’s not clear there will be a lot to gain for the commission.”
Commissioner Gayle Cameron added that a consultant would have a “low probability of being effective,” given that bids are due by the end of the year.
So far, Suffolk Downs is the sole bidder for a Boston casino.
The Herald has reported that another developer made cursory inquiries about possibly putting a casino at South Station, but no formal proposals have emerged.
The scuttlebutt is that other casino magnates are still eyeing Boston, and Crosby hopes one will emerge to challenge Suffolk.
“Clearly, competition helps us get the best deal,” he said, pointing to western Massachusetts, where four developers have made proposals. “There continue to be possibilities, people poking around, and there’s still plenty of time. All things considered, it would be better if we had competition in eastern Mass.”
http://www.bostonherald.com/news/regional/view.bg?articleid=1061168191&srvc=rss
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