The race for casinos in Massachusetts got a little bit more intense this week.
On Tuesday, 78-year-old Suffolk Downs Race Track and Nevada-based Caesars Entertainment Corporation announced that they have reached a host community agreement with the City of Boston to develop a $1 billion Las Vegas-style gaming facility adjacent to the existing race track.
Voters will have the final say — before state gaming regulators decide whether to award a license — and that decision is expected within a few months.
Details on the potential project are expected to come shortly.
The companies said that the deal with Boston was “the result of a comprehensive and detailed review of impacts and benefits, informed by months of public input and more than 100 public meetings and forums attended by thousands of local residents.”
“We are proud of the strong partnership we have built with Boston as well as our neighboring communities,” Joe O’Donnell, principal owner of Suffolk Downs, added in a statement. “Our proposed development will directly benefit Boston with annual payments as well as up-front investments in schools, parks, vital services and transportation improvements. We believe our proposed project has the best location and will create the most local jobs and provide the greatest growth in tourism, hospitality and conventions and meetings in the Commonwealth.”
Caesars’ CEO Gary Loveman added: “We have a tremendous opportunity to develop a resort that befits Boston and complements the vibrant array of cultural, historic and entertainment offerings that exist here. Boston is ideally suited for our city-integrated resort model, which is designed to reflect the distinct attributes of the host communities and drive maximum economic impact to residents and businesses. Our proposal is intended to drive tourism to the region and introduce our guests to all the Greater Boston area has to offer.”
The firms estimate that the business will provide Boston with $52 million in annual payments once the property is complete. That is in addition to investment in the region and more jobs.
Caesars will be competing against Wynn Resorts for the opportunity to build. Wynn wants to build a $1.2 billion casino in the nearby town of Everett.
