Sterling Suffolk Racecourse LLC has filed a letter of intent with the Boston Redevelopment Authority to seek approval for a $1 Billion resort casino in East Boston.
For those who enjoy gambling, there could soon be 250,000 square feet of gaming space added to the State of Massachusetts. It has been at least a few years where there have been consistent rumblings about a casino breaking ground at Suffolk Downs. In fact, it was roughly two years ago when we reported on this very news which all has to do with the Mayors East Boston Redevelopment Project. As of now, nothing in terms of a massive casino has truly come to fruition, although some positive strides have recently been made.
Although not yet being selected by the States Gaming Commission for the sole Eastern Massachusetts Casino License that is up for grabs, Sterling Suffolk Racecourse LLC just sent a letter of intent to the Boston Redevelopment Authority highlighting their ambitious plans. What is envisioned is up to 250,000 square feet of gaming space, 46,000 square feet of entertainment space, bars, nightclubs and meeting rooms, 450 hotel rooms, 30,000 square feet of retail space, and 5,160 parking spaces. All of this would be constructed at 525 McClellan Highway and would see upwards of 6,600 slot machines grace this location which would cost roughly $1 Billion to build.
With plans as detailed and upscale as this, it seems incredible to realize just how much strong competition there actually exists that truly rivals this development. The Eastern Massachusetts Casino License is also highly sought after by Las Vegas casino mogul, Steve Wynn. Wynn has brought forth plans for a $1.2 Billion project to the town of Everett, while Foxwoods have also entered the race with a proposed $1 Billion, 660,000 square foot casino in Milford.
Unfortunately for developers and gambling enthusiasts alike, only one of these licenses is able to be given out at such a time. The city of Boston last month actually just reported that it will pay the host city of the winning casino $32 Million each year in support with that number reaching $52 Million should the casino earn an annual revenue of at least $1 Billion; which all have claimed to do. According to Elaine Driscoll, a spokeswoman for the Massachusetts Gaming Commission, all that the casino applicants should be worrying themselves with now is to seek development approval from the aforementioned communities, It will enhance an application for a license if they done the minimum consistent with local zoning. Of course, with plans of such magnitude it will always be difficult to garner such approval from absolutely everybody. Time will only tell which development shall win out, but one thing is undeniable, all would dramatically boost the job sector in the given area and will attract far more visitors, money, and surrounding investment in the town itself.
More Information: Boston Business Journal
