Developers Need Financing Agreement For $650M New Bedford Casino
NEW BEDFORD (CBS/AP) – Members of the State Gaming Commission have heard from developers multiple times that they are close to securing financing for a proposed $650 million casino in New Bedford.
On Thursday, the commission gave KG Urban Enterprises of New York until June 9 to get a signed agreement in place. The developer is looking to build a Foxwoods resort casino on the waterfront.
"(We have) seen a lot of drafts of agreements and until the parties have signed on the dotted line, are they real?" Commissioner Enrique Zuniga told WBZ NewsRadio 1030's Carl Stevens on Thursday.
If there is no signed term sheet in 12 days, the casino plan could be discontinued.
In early May, KG Urban claimed to have secured financing while also adding former Foxwoods CEO Scott Butera as a partner. Butera resigned from Foxwoods in October 2014.
Gaming and Leisure Properties, of Pennsylvania, says it has committed to helping finance the project's costs, though the details of the arrangement were not disclosed Monday.
Foxwoods has already agreed to operate the casino should it open.
WBZ NewsRadio 1030's Carl Stevens reports:
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