KG Urban Enterprises is a casino developer with plans to build a $650 million casino on the New Bedford, Massachusetts waterfront. The company made a formal request of the City of New Bedford to hold a voter referendum election on the proposed casino resort by June 23. Voters must approve Phase II of the proposed casino.
The Massachusetts Gaming Commission and City are part of the approval process. The commission extended the meeting date to at least July 10 to give the developers time to present a comprehensive plan. Phase 1 has yet to be finalized, which is part of the reason for the delay on Phase 2.
The Phase 1 application process must be completed by May 4, wherein KG Urban has to show proper financial backing. The mayor is a concerned party of the voting process, having hammered out a strong host city agreement with KG Urban with key protections for the waterfront and downtown businesses. He also wished for a delay to ensure voters have all relevant information weeks ahead of any scheduled vote on the issue.
The KG Urban/New Bedford Cannon Street Station project is one of three vying for the last casino license in Massachusetts. All three are located in the Southeastern part of the state. The New Bedford casino would be operated by Foxwoods.
Mass Gaming & Entertainment wants to construct a $650 million casino and hotel at the Brockton fairgrounds. Two former competitors; Somerset on the Move LLC, and Crossroads Massachusetts LLC have teamed up for a proposal in Somerset.
The state Gambling Commission has already awarded two of the three licenses in other regions. Wynn Resorts will construct a $1.75 billion development in Everett, across the harbor from Boston and to MGM has broken ground on their $800 million MGM Springfield.
Penn National Gaming won the only slot parlor license. Plainridge Park will open as a harness racing track with over 100,000 square feet of casino space near the Rhode Island border on June 24th.