According to a report from the Boston Globe, Boston Mayor Thomas M Menino has signed a casino deal with Suffolk Downs that will bring an estimated $32M a year in revenue, and at least 4,000 jobs. The city will receive approximately $33.4M upfront, according to the report. Although the provisions will not be quite as large for the city of Revere, Mayor Dan Rizzo, has signed a similar agreement with Suffolk Down for his city as well.
Great News Revere
As a result of a barrage of last minute negotiations, Mayor Rizzo gave his assent to the agreement which will be posted this week online. If Suffolk Downs wins the Greater Boston Casino lottery, the city of Revere will reap great benefits from their Mayor’s agreement. City Director of Economic Development, John Festa explained that the city of Revere would gain an estimated $15M annually, with a guaranteed yearly payment of $4.25 M to $9M, even if the casino and resort does not meet the projected expectations. Revere will receive a one time upfront payment of $16M.
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Back in August, Mayor Rizzo shared with the Boston Globe that the jobs which would be created by the proposed billion dollar Suffolk Downs racetrack and casino would be a major lure for the city. He added, “I really do believe the jobs alone could cut our unemployment rate in half.” The Daily Item listed Revere as one of nine North Boston suburbs which were “poised for an economic boom.” Greg Bialecki, the Secretary of Housing and Economic Development for Massachusetts spent over 4 months touring the North Boston suburbs to determine which areas were most likely ready for an economic explosion. He feels that Revere is among those cities that are right on the verge of not only a housing boom, but a business boom as well.
The agreement with the city of Revere has been in the works for several months. Suffolk Downs, along with its partner, Caesars Entertainment has proposed a $1B resort and casino at the track, which would be located on the city line between Revere and Boston. Others who are competing in the lottery for the resort license includes Wynn Resorts, which is attempting to build in Everett, and Foxwoods, who would place their business in Milford. The winner will be chosen at the beginning of next year. Contact us today for a free consultation: (781) 289-4235.