NEW: New Bedford Residents Vote to Back Casino Deal
Wednesday, June 24, 2015
New Bedford residents have voted to approve a casino referendum that will permit the operation of a gaming establishment in their city.
According to New Bedford's City Election Office, the results of the vote on the proposed casino are 8,355 in favor and 3,040 against.
With voter approval, developer KG Urban Enterprises can now move forward and apply for the sole casino license in Southeastern Massachusetts.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTBrockton and New Bedford will now compete for the third and final casino license available in Massachusetts.
Massachusetts Gaming Commission expects to announce who will be awarded the license by the end of the year.
Moving Forward
KG Urban Enterprises to continue negotiations to bring a new $650 million casino, hotel and conference center to New Bedford's waterfront.
KG Urban Enterprises has options to purchase 43 acres of land off of McCarthur Boulevard in New Bedford, which land includes the former Cannon Street power station.
KG Urban Enterprises anticipates spending approximately $50 million on the cleanup of environmental contamination at the former Cannon Street power plant site and approximately $10 million to build a harbor walk and open space along the waterfront for public use. The harbor walk will be designed to integrate with downtown businesses and attractions.
Once the casino is open for business to the general public, KG Urban Enterprises will pay $12.5 million in guaranteed Annual Payments to the city of New Bedford.
Timeline Of Events
Foxwoods signed a letter of intent to manage the New Bedford casino in March, 2015.
KG Urban Enterprises and New Bedford agreed on a full host community agreement on March 19, 2015.
Possible Competition Just Minutes From New Bedford
Twin River Casino, who has announced plans to move Newport Grand to Tiverton, has secured rights to acquire 45 acres of land there.
The chairman of Twin River’s board of directors, John Taylor, has said that the move was necessary to compete with the new casinos being built in Massachusetts.
The Tiverton facility would be located near Rt 81 and the Rt 24 interchange, just 400 feet from the state line and border with Fall River.
The proposal is subject to voter approval.
Related Slideshow: New England Casinos - See Who RI is up Against
Below are major casinos that are competing with Rhode Island. Data is taken from reports issued from the Center for Policy Analysis at the University of Massachusetts at Dartmouth.
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