The developer behind a proposed New Bedford casino has withdrawn its application for the state’s third and final casino license.
Advertisement
KG Urban Enterprises partner Barry Gosin said in a letter to the Massachusetts Gaming Commission that the New York-based firm was officially withdrawing because it found it “significantly harder” than expected to convince lenders to invest in the plan.
In its letter to the state Gaming Commission, KG Urban, said investors proved unconvinced the venture would work in an increasingly competitive environment.
Even before KG Urban’s sudden withdrawal, some Gaming Commission members had expressed skepticism over a casino in Southeastern Massachusetts because of competition from well-established casinos in Rhode Island and Connecticut.
Many observers have wondered about the viability of the region as a casino host.
The gaming commission has issued three licenses already. But two other projects-an Everett casino from Wynn Resorts and a Springfield casino from MGM Resorts-have already faced early delays since gaining their licenses past year.
In a statement, New Bedford Mayor Jon Mitchell criticized Gosin’s prior representation of the project’s financing.
KG Urban had pushed for years to develop the city waterfront site of the former NStar power plant.
“Despite overwhelming support at the polls for the casino project, not all city residents are upset with the news”.
Mitchell went on to say that New Bedford has “been united as a community and (has) done everything possible to support the KG casino proposal based on Mr. Gosin’s commitment to fully fund the project, so city residents and its leadership are all understandably upset by Mr. Gosin’s decision”.
When – and whether – the Mashpee Wampanoag tribe will get approval from the US Bureau of Indian Affairs for a casino is a matter of wide speculation.
Advertisement
“The establishment of a resort casino will also be an anchor in the economic revitalization of Brockton, which is one of several minority/majority cities in the Commonwealth”, read a statement by Mass Gaming & Entertainment, a proponent of the Brockton Fairgrounds project.
