BOSTON-Mayor Thomas Menino announced an agreement with Caesars Entertainment on Tuesday to bring a casino to Suffolk Downs in East Boston. The facility would bring $52 million in annual revenue to the city and create 4,000 jobs.
The City of Boston's Host Community Advisory Committee recommended the agreement for the development of the $1-billion resort-style destination gaming establishment at Suffolk Downs to be developed by Las Vegas-based Caesars. During the construction phase, the city estimates the project will create approximately 2,500 construction jobs.
“I have said from the start of this process that I wanted three things: A first-class, resort destination casino, an agreement that would benefit the people of East Boston, and a proposal that will be selected by the State Gaming Commission. We are well on our way to that and more,” Mayor Menino said at the press conference held following his signing of the agreement. “The agreement I have just signed has more revenue, more guaranteed jobs, and more protections than any other agreement in the region, and the Commonwealth.”
The project will attain a LEED Gold standard, create an additional 16 acres of open space and reduce the 12 acres of pavement that currently exist. Project specifics include: two distinct gaming areas providing between 150,000 square feet and 250,000 square feet of gaming space with between 4,000 to 6,600 gaming positions; a World Series of Poker room or rooms; two luxury hotels providing a total of 450 rooms; between 24,000 square feet and 46,000 square feet of meeting and entertainment space; restaurants; up to 30,000 square feet of retail space, including a spa, thoroughbred horse racing and simulcast wagering; and a seven-story parking garage with up to 2,600 spaces, valet parking for up to 460 additional vehicles, and up to approximately 2,100 surface parking spaces. The deal also guarantees the continued operation of Suffolk Downs racetrack.
According to the Boston Business Journal, the deal between the city and Caesars is to be put to a public referendum in East Boston within the next 60 to 90 days. A host agreement with neighboring Revere, MA could be announced in a few days. See story in the Boston Business Journal.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
