Financial terms set for building behind the 50 year old hurricane barrier certified in 2011 by the same US Army Corps of Engineers that certified the New Orleans levies that wiped out all the casinos
New Bedford Casino developer: Financial terms set
The developer behind the New Bedford casino proposal said Tuesday that it had submitted financial terms with its primary investor to state gaming officials, potentially meeting a crucial deadline after months of extensions and clearing a huge hurdle ahead of the city's June 23 vote on the $650 million project.
By Mike Lawrence firstname.lastname@example.orgPosted Jun. 9, 2015 at 1:54 pmUpdated at 5:12 PM
NEW BEDFORD — The developer behind the New Bedford casino proposal said Tuesday that it had submitted financial terms with its primary investor to state gaming officials, potentially meeting a crucial deadline after months of extensions and clearing a huge hurdle ahead of the city’s June 23 vote on the $650 million project.
"KG Urban Enterprises has submitted a signed term sheet between it and GLPI to the Massachusetts Gaming Commission," KG Urban spokesman Andrew Paven wrote in an email.
Pennsylvania-based Gaming and Leisure Properties Inc. is KG Urban's primary financial backer for the casino, hotel and conference center development, proposed for New Bedford's waterfront on the MacArthur Drive site of an abandoned NStar power plant.
State gaming officials confirmed receiving KG Urban’s documents, the end result of financial negotiations that spanned months. Commissioners gave KG Urban extensions on application deadlines in February, March and twice in May.
“(Tuesday), KG Urban did submit requested documentation which is now under review by the MGC’s Investigations and Enforcement Bureau (IEB). The Commission will receive an update from the IEB on the overall Region C licensing process at MGC’s next public meeting,” commission spokesman Elaine Driscoll said in a news release.
Southeastern Massachusetts is known as Region C in state gaming circles.
The Gaming Commission is scheduled to respond to KG Urban’s submitted term sheet Thursday in Boston. Commissioners stated that plan May 28, when they granted KG Urban its final extension on the financial deal.
Tuesday’s deadline will enable IEB staff to review the term sheets Wednesday, ahead of the commission’s public meeting Thursday.
Closing a deal with GLPI — pending the commission’s approval — is a huge milestone for KG Urban and New Bedford casino backers. The proposal still faces hurdles including a positive vote June 23, completion of application materials late this summer or early in the fall, and then selection by the commission over a competing proposal in Brockton.
But securing hundreds of millions in financial backing amid an increasingly competitive casino market in the state and across New England, with unknowns including the lingering potential for tribal gaming in Taunton, is a significant statement.
“The confirmation that KG Urban has financial backing from GLPI is another positive step forward for the project,” Mayor Jon Mitchell said Tuesday. “There are many (steps) left to go, obviously, and I’m ready to support KG however I can in order to help the project down the road.”
A public casino forum is scheduled for 6 p.m. Wednesday at the Zeiterion Performing Arts Center downtown. The final forum scheduled so far is from 6 to 8 p.m. June 17 at Normandin Middle School in the North End.
Wednesday’s forum is sponsored by Leadership SouthCoast and SouthCoast Media Group. The June 17 forum is sponsored by the city.
A Brockton proposal by Mass Gaming & Entertainment is KG Urban’s only remaining competition for the single resort casino license the commission can allocate in Southeastern Massachusetts.
Brockton voters narrowly approved Mass Gaming’s $650 million proposal for a Brockton Fairgrounds site May 12, in that city’s referendum.
In 1996 the Legislature entered the home stretch of the 1996 session, local lawmakers made a final push to win state aid to remove a toxic power plant. The House in 1996 passed a plan that contains $300,000 to study the possibility of converting the toxic abandoned New Bedford power plant.The clean up documents weigh twenty pounds.
Here is the plan : They continue to build the New Bedford Marine Commerce Terminal, Dredge 800,000 cubic yards of toxic material, continue the largest fishing fleet on the East Coast and now build a 650 million dollar casino on top of all this ?
New Bedford has only a single car exit off a two lane highway. The single car lane turns into a two lane highway that basically ends as a dead end in a residential neighborhood in the New Bedford South End. The city lacks infrastructure
The 2014 climate change report : Climate Change Vulnerability Assessment and Adaptation Planning Study for Water Quality Infrastructure in New Bedford, Fairhaven and Acushnet
The casino is going to be built behind the 50 year old hurricane barrier certified in 2011 by the same US Army Corps of Engineers that certified the New Orleans levies that wiped out all the casinos.The local mainstream media reports news by omission. They are not going to report to the public the recent 2014 climate change report showing New Bedford Harbor underwater in a Cat 2 hurricane .
To build a casino on the waterfront in New Bedford the owners have to get by the Massachusetts Environmental Policy Act ( MEPA ) . The casino is going to be built at the old toxic Cannon Street Power Plant who really knows whats buried in the underground vaults.
Hopefully, you have shared this with the Massachusetts Gambling Commission.
Should a glorified Slot Barn be constructed in Tiverton, it's difficult to envision revenues materializing.
Gambling Market Saturation has been widely reported.
Much like Twin River, should revenues fail to appear and bankruptcy ensue, any agreement will be re-written by the bankruptcy court.