Massachusetts grants provisional OK to Foxwoods-backed casino

The Massachusetts Gaming Commission, moving ahead with plans to authorize as many as three casinos in the state, ruled the Crossroads Massachusetts LLC group is conditionally suitable to be granted a license. More

To continue reading this article, please do one of the following.



entertainment

Massachusetts grants provisional OK to Foxwoods-backed casino

BLOOMBERG FILE PHOTO/DOUGLAS HEALEY
CROSSROADS MASSACHUSETTS LLC -- an affiliate of Foxwoods Resort Casino, pictured above -- has won provisional approval of the Massachusetts Gaming Commission for its plan to build a casino in Milford, Mass. Voters in Milford will vote to approve or reject the casino on Tuesday.
Posted 11/18/13

BOSTON – The Massachusetts Gaming Commission, moving ahead with plans to authorize as many as three casinos in the state, ruled the Crossroads Massachusetts LLC group is conditionally suitable to be granted a license.

The commission required the group, which includes the owners of the Foxwoods Resort Casino in Connecticut, to obtain its additional financing as part of the approval, according to an e-mailed statement yesterday.

Crossroads said separately it signed a letter of intent with Gaming and Leisure Properties Inc., a real estate investment trust, that completes the financing. Under their accord for the $1 billion project, GLPI, which was spun out of Penn National Gaming Inc., will own the property and Crossroads will operate the casino.

“We’re confident that GLPI’s financial support will help us bring our project to fruition,” Foxwoods President and CEO Scott Butera said in a statement.

Massachusetts legalized casino gambling two years ago with plans calling for three resorts in three distinct parts of the state. Crossroads is competing against Wynn Resorts Ltd. and the Suffolk Downs horse track to build in the Boston area.

Investigators for the gaming commission said in a report released Nov. 13 they couldn’t complete the Crossroads examination because the group had yet to enter into an agreement with an unidentified investor.

Residents of Milford, 40 miles southwest of Boston, are being asked to approve the Crossroads proposal Nov. 19. Foxwoods is owned by the Mashantucket Pequot Tribal Nation.

Calendar
PBN Hosted
Events

Estate and Corporate Income Taxes are changing next year, and business owners and executives should know the details. The PBN Summit on November 6th will provide those details and more - including how much Obamacare's Employer Mandate could cost.
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement