The proposed MGM Springfield, which threatens the future of Massachusetts’ tribal gaming industry.
The New England casino hands race is about to escalate with the news that Connecticut Governor Dannel P. Malloy will shortly sign into law a bill that would pave the way for a casino that is tribal the north of state over the Massachusetts border.
Across the edge, MGM Resorts International recently broke ground on its $800 million Springfield casino project, signifying a brand new period of casino expansion for Massachusetts.
In the eastern of the state, meanwhile, Wynn Resorts Global won a bid last year to build a five-star, $1.6 billion resort that is placed to be the biggest private development in the annals of Massachusetts, with a grand opening scheduled for a while in 2017.
The losers within the costly battle for that permit were Connecticut’s Mohegan Sun, which now faces a threat to its highly-leveraged properties from the Springfield project.
MGM has said it expects to derive one third of its customers from Connecticut.
Connecticut has sanctioned two casinos in its southeast since the early nineties in return for a percentage of the earnings. Only the Mohegans while the Mashantucket Pequots, which operate Foxwoods, are permitted to use casino.
Both, nevertheless, had been struck difficult by the global downturn in the economy of 2008 and are also each over $1 billion in debt Read more