KG Urban Enterprises received heavy criticism by the Massachusetts Gaming Commission after the developers have continued to ask for deadline extensions. The Commission gave KG Urban Enterprises an ultimatum, have financing ready by June 9th or the bid is null and void.
The developers have continued to seek deadline extensions as well as not finalize the bid for the casino license in the southeastern portion of Massachusetts. The most recent incident that did not sit well with the Commission was when the group sent over drafted ‘term sheets’ which did not have the investor signature to move forward.
The Commission has argued that the company has had three years to secure financing and has not done so. KG Urban Enterprises has apparently been working for months to secure financing for hundreds of millions needed to move forward with a casino along the harbor front in the former NStar power plant. The group is trying to receive backing from Gaming and Leisure Properties Inc and now has until 5pm on the 9th of June to secure funding or the application will be considered dead by the Commission.