New York-based property developer KG Urban Enterprises has proposed building a $650 million casino resort in New Bedford Waterfront

The company must submit a report by June 9th, signed by all parties involved in the multimillion-dollar project. The final report should provide information on how to own and share the benefits and obligations of the asset. Once the paper is submitted, state gaming regulators can begin a thorough background check.

Before the committee voted on an extension of the deadline, Andrew Stern, executive director and principal of KG Urban, told committee members that the developer had previously provided two draft term sheets and thought the financing agreement was “very close” to what should be. 경마사이트프로

As regulators decided to extend the deadline, Mr. Stern was asked if KG Urban would be able to finalize the financing agreement by June 9. The executive said there was no problem preventing an agreement from being reached and what was needed now was a little more time.

The Massachusetts Game Commission has previously granted multiple deadline extensions to all three applicants who have expressed interest in building casinos in the Southeast or C area, as officially designated. The gambling regulator has repeatedly pointed out that a competitive situation is the best possible way to get what’s best for the community when it comes to casino revenue, economic development, jobs and more.

According to Stephen Crosby, chairman of the state gaming committee, one or more applicants would be the best scenario. However, he pointed out that they are ready to trade just like one casino bidder.

Residents of New Bedford will be given the opportunity to vote for a $650 million casino project on June 23. Public forums on the subject will be held throughout the city on June 4, June 10, and June 17.

Mass Gaming & Entertainment, which has proposed a $650 million casino resort in Brockton Fairgrounds, is KG Urban’s only regional C casino licensing competition. Unlike its competitors, the Brockton bidder has already submitted the necessary documents to the Massachusetts Game Commission. Moreover, on May 12, Brockton residents voted narrowly in favor of the expensive project.

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