Massachusetts Gaming Commission Receives $85 Million License Fee from MGM Springfield
- November 17, 2014
- by MGC Communications
- 0 comments
The Massachusetts Gaming Commission (MGC) announced today that it has received the $85 million resort-casino license fee from Blue Tarp reDevelopment, LLC (MGM Springfield). On November 6th, 2014, MGC unanimously voted to officially award the resort-casino license for Region B (Western Massachusetts) to MGM Springfield. Today MGM Springfield electronically submitted their $85 million payment, the amount required by the Gaming Act for the 15 year resort-casino license. The payment of this license fee now brings the total amount of license payments received by the commission to $195 million. MGC previously received the $85 million resort-casino license fee from Wynn MA, LLC and the $25 million slots-parlor license fee from Penn National.
MGC will now forward the $195 million in license fees to the Comptroller of the Commonwealth, who will distribute the fees to a collection of public causes including education, transportation improvements, public health and local aid.
“We have now received deposits from Penn National, Wynn MA, LLC and MGM Springfield – three of the strongest and most reputable gaming operators in the industry,” MGC Chairman Steve Crosby said. “There are currently 500 new construction jobs at the future slots-parlor site in Plainville, MA, and $195 million in the coffers of the Commonwealth. This is precisely what the legislature and the governor had in mind when they passed this law in 2011. It is exciting to see this new industry coming to fruition.”
Additional facts:
- MGC issued the state’s single slots-parlor license on February 28, 2014 to Penn National. Construction has begun and the slots facility, located in Plainville, MA, has an anticipated opening date of June 2015.
- On November 6th, 2014, MGC voted to officially award the resort-casino license for Region B (Western Massachusetts) to MGM Springfield. The Commission also officially awarded the resort-casino license for Region A (Eastern Massachusetts) to Wynn MA, LLC.
- The Gaming Act allows for one additional resort-casino license located in Region C (Southeastern Massachusetts). The deadline for the first installment of a two phase application process is the end of January 2015. MGC anticipates an August 2015 license award.
Breakdown of license fees (Click to view larger):
