A campaign to engage the strong support in Revere for a $1 billion resort casino begins today after the City Council set February 25 as the date for a referendum election on the city's Host Community Agreement with Mohegan Sun.
The agreement, announced earlier this week at Revere City Hall, would guarantee the city between $25 million and $30 million in annual revenue, with the potential of that to grow beyond $40 million a year. It also provides up to $33 million in pre-opening payments, approximately $45 million in infrastructure improvements, new athletic fields, guaranteed school funding and money for public safety, a community center and other benefits.
“The level of excitement this project is creating and the support we are getting from people all over Revere is remarkable,” said Mitchell Etess, CEO of the Mohegan Tribal Gaming Authority. “We're going to work hard to earn the approval of voters in the same way we are working hard to create an amazing destination and deliver a winning application to the Massachusetts Gaming Commission.”
Mohegan Sun has announced plans to develop a $1 billion resort casino with two hotels, worldclass dining, retail and entertainment amenities on 42 of Suffolk Downs' 52 acres in Revere. Suffolk Downs last month chose Mohegan Sun as its development and gaming partner – bringing its 78-year history and iconic name together with New England's premier gaming brand and one of the most successful casino companies in the world.
“The Host Community Agreement is a robust contract that will protect the interests of our residents while improving the local economy for generations. I am excited to begin this public outreach process to discuss this very important and exciting opportunity for Revere leading up to February 25th,” said Revere Mayor Daniel Rizzo. “I hope that residents will get engaged in the process and reach out to their elected leaders in order to learn about the agreement.”The Host Community Agreement between Revere and Mohegan Sun includes:
• Guaranteed minimum annual payments escalating from $25 million to $28 million during first four years of casino operations
• $30 million guaranteed in year seven with potential for annual payments to grow beyond $40 million based on gross gaming revenues
• Pre-opening payments totaling up to $33 million
• Job preference for Revere residents and target spending levels with Revere vendors
• $45 million in infrastructure improvements
• New athletic field and community center
• 2,500 construction jobs. 4,000 full-time jobs
• $1 million for Revere public schools
• $4 million for police and fire departments
“For close to 80 years, the City of Revere has been a great partner and host to Suffolk Downs. The HCA reached last week illustrates the great new relationship being built between the City and Mohegan Sun,” said Chip Tuttle, Chief Operating Officer of Suffolk Downs. “This campaign will be about affirming the strong support Revere has already shown for a resort casino and the preservation of Thoroughbred racing at Suffolk Downs.”
Together with Brigade Capital Management, Mohegan Sun has the strongest financial platform of any gaming license applicant and an impeccable background as determined by the Massachusetts Gaming Commission's review process.
Suffolk Downs and Mohegan Sun share a long-standing commitment to working with local businesses, community leaders and cultural and tourist organizations. Currently, Mohegan Sun spends nearly $500 million annually on goods and services from local vendors near its Connecticut and Pennsylvania facilities. Mohegan Sun is one of Connecticut's five largest employers and has a strong track record of hiring and training local employees – more than 90 percent of its employees live locally.
Mohegan Sun jobs support families and households, with the opportunity for career growth and advancement in areas such as gaming operations, hospitality, marketing and promotions, transportation, engineering, human resources, accounting and finance.
New to the Paulick Report? Click here to sign up for our daily email newsletter to keep up on this and other stories happening in the Thoroughbred industry.
Copyright © 2016 Paulick Report.