Gaming panel alters casino investment threshold
By
BOSTON — The Massachusetts Gaming Commission voted Thursday to alter how much money a company would have to initially invest for a casino in Southeastern Massachusetts but decided to hold off on deciding any changes to the region's gaming licensure timeline until at least May 1.
The commission voted 3-2 to allow applicants to count some on- and off-site infrastructure costs as part of the $500 million minimum capital investment requirement in the Bay State's southeastern area, known as Region C in the 2011 legislation that legalized gambling in the commonwealth.
Commissioner Enrique Zuniga presented an analysis showing less market potential in Region C because of demographics, geography, out-of-state competition and the prospect of a Mashpee Wampanoag tribal casino in Taunton.
Zuniga expressed concerns that because of market limitations and risks within Region C, "setting the bar as high as we have" could scare investors away.
Commissioners Gayle Cameron and James McHugh argued against changing the investment requirement.
The commission also said Thursday that it plans to revisit the Region C timeline at a May 1 meeting, when it is also scheduled to take up the city of Boston's request for host community status for the Mohegan Sun casino proposal in Revere and the proposed Wynn casino in Everett.
The panel previously voted on April 3 to push back the second-phase casino license application deadline for Region C from July 31 to at least Sept. 23.
The city of New Bedford and KG Urban, an applicant that hopes to build in that city, have requested a deadline extension. Fall River, which is working to strike a casino deal with Foxwoods, opposes altering the timeline.
There is uncertainty in the Region C market because of the Mashpee Wampanoag Tribe's pursuit of a casino. The tribe, working through a separate federal process, is awaiting a decision from the Department of Interior on whether it meets the requirements to acquire sovereign land.
The tribe has a compact with Massachusetts that would see the state collect 17 percent of tribal casino revenue, but that share would drop to zero if a commercial casino were approved in Region C.
http://www.capecodonline.com/apps/pbcs.dll/article?AID=/20140418/NEWS/404180334/-1/NEWSLETTER100
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