The race to win Massachusetts’ third casino license had another false start after the Massachusetts Gaming Commission (MGC) voted on Thursday to grant developers KG Urban and Crossroads a new extension to complete their applications.
Both developers had asked for more time after failing to meet a previously granted extension that ended on March 16. The gaming commission extended the deadline to May 4, giving the firms seven more weeks to get their proposals in order.
Of the two, KG Urban is further along in completing its application after securing a host community agreement with New Bedford Mayor John Mitchell. Part of that agreement includes paying the city $12.5m per year and $4.5 million upfront if the casino is built. KG Urban doesn’t yet have funding sources to show to the MGC but is optimistic that, with a host agreement secured, investors will now come flocking.
The Somerset group led by developer Crossroads also has no investors and has yet to sign a city agreement.
The MGC’s decision to extend the deadline, again, wasn’t unanimous, squeaking by on a 3-2 vote. Nevertheless, KG Urban and Crossroads will have another seven weeks to get their ducks in a row. What they do with that time will be a good indication of how bad either really wants this casino license.
