With a tally of 11 to 0 the City Council of Revere, Massachusetts voted in favor of allowing the proposed $1B resort and casino racetrack to go forward at Suffolk Downs. According to Boston.com, the council members cited millions of dollars in gambling revenues, along with new job opportunities and much needed traffic improvements as their reason for the approval. The post went on to share Ward One Councilor Richard A Penta’s words, “The bottom line is dollars. I’m all in,” as well as Councilor at large Jessica Ann Gannino’s explanation, “It’s a solid agreement. It’s written very well. It’s up to all of us to figure out the pros and cons.”
New Developments in Revere
The agreement comes after the information as released back in August of just how much this proposal could mean for Boston and its surrounding cities. An estimated $32M per year in revenues would come into Boston alone, with at least four thousand new jobs. The city would also receive a $33.4M upfront payment under an agreement which was signed in August by Boston Mayor Thomas M Menino. If the casino is exceptionally profitable, the Boston Globe explains that the benefits of the deal could go up to at least $52M for the city each year, with the resort grossing as much as a billion annually.
For Revere, the proposal could bring in as much as $30M in traffic improvements for both state and local roads. The agreement also requires that the casino and resort buys $7.5M worth of goods and services from Revere each year, and gives at least ten percent of its new jobs to Revere residents.
Are you ready for Casino Business?
Suffolk Downs has asked both Revere and Boston to schedule their casino referendum votes on the 5th of November, which is the same day as Boston’s mayoral election. Unless the project is endorsed by a host community at a referendum, Suffolk Downs and Caesars Entertainment cannot win the license, under Massachusetts law. Since Suffolk Downs sits right on the line between Boston and Revere, both communities will take part in the vote. There must be a 60 to 90 day campaign before the vote, also according to Massachusetts law. Mayors from both cities have already signed agreements with the track which outline the terms that must be met for each of them. Other competitors for the license include Wynn Resorts, who has proposed to build in Everett, and Foxwoods, who wishes to build in Milford. Although Foxwoods is not expected to win their referendum vote until later this fall, Wynn has already won their vote. Anyone who may be considering doing business with the casino should contact Lawyer Deborah Gold-Alexander.