Crossroads Massachusetts LLC has withdrawn their bid to compete for the third and final Massachusetts gaming licence. Two heavywieghts remain in contention; Mass Gaming and Entertainment with a plan for the Brockton Fairgrounds and KG Urban Enterprises who wants to build a $650 million Foxwoods casino on the New Bedford waterfront.
The Somerset consortium had trouble meeting deadlines and firming up financing for the project with former Foxwoods Resort Casino CEO Scott Butera jumping ship and joining the KG Urban team. His involvement with KG Urban was officially confirmed in a letter to the commission dated May 4th. The letter states that he had spent the previous 6 weeks working to secure funding for the project.
Crossroads representatives did not attend a meeting by state regulators Thursday where the letter announcing they were abandoning their application was announced.
The focus is now on Brockton and New Bedford.
Brockton voters narrowly approved the Fairgrounds casino in a vote on Tuesday. The project developer, Mass Gaming and Entertainment, is a subsidiary of Chicago-based Rush Street gaming who operate and oversee casinos in Des Plaines, Philadelphia, and Pittsburgh. They will also be heading up Rivers Casino at Mohawk Harbor in Schenectady, New York – part of a $450 million mixed-use development given a green light in December.
A voter referendum on KG Urban’s New Bedford casino has been delayed until at least June 2nd. The company requested an extension of time on the vote to give them time to complete the first phase of their application which includes securing financing for the project. The company announced last week that it had secured funding with Gaming and Leisure Properties of Pennsylvania participating in financing. However the gaming commission considers the application only
“substantially complete,” and gave the company two weeks to to submit final financial details.
The Massachusetts Gaming Commission hopes to award the license by the end of the year. The winner will be joining Wynn Everett and MGM Springfield along with a slots parlor opening June 24th at Plainridge Park racecourse.