Last week it was announced that developers proposing the New Bedford Casino have financing in place for the project. Developers want to create a new Foxwoods Resort Casino along the New Bedford, Massachusetts waterfront. The project would be $650 million total. Some of the financing is going to come from their new partner, former Foxwoods CEO Scott Butera. Butera resigned from his post in October 2014, but decided to join as a partner in the KG Urban Enterprises New York group for the New Bedford casino.
Gaming and Leisure Properties of Pennsylvania also said it would be providing financing for the project. The Monday announcement did not provide details of the arrangement regarding the amounts of the financing from each investor. Foxwoods will operate the casino.
The next step is to obtain the resort casino license. The state is providing only three licenses for full scale casino resorts and two of them have already been awarded to MGM and Wynn Resorts. Additional contenders for the final license, which will be granted in the southeastern part of the state, include Mass Gaming and Entertainment LLC who is vying for a project in Brockton – and Crossroads Massachusetts with a Somerset proposal. Brockton residents will vote tomorrow, May 12 to decide whether the casino project can go forward in their town.