FOXWOODS, KG URBAN FOLD THEIR HAND ON NEW BEDFORD CASINO PLAN
NEW BEDFORD, Mass. – – Don’t be planning on dropping any money into a slot machine in New Bedford, as the casino developer scrapped its plan to build $650 gaming complex on the city’s waterfront.
Foxwoods partner in the project, KG Urban, a New York-based developer, abruptly pulled the plug on the project citing in a statement to the Massachusetts Gaming Commission, “investors were not convinced that the venture would work in an increasingly competitive environment.”
“As you can well imagine, we deeply regret reaching this conclusion,” KG Urban, which spent more than $10 million in an eight-year quest for the casino, wrote in a four-paragraph letter to the commission dated July 22.
This is just another blow to fledging Massachusetts casino market. The other two properties that have already been award casino licenses, Wynn Resorts ands MGM Springfield have both announced delay in opening their proper respective properties. Wynn, how is looking to build a casino on the site of the Mansanto Chemical plant in Everett, however State Attorney General, Martha Healey has requested a delay in issuing Wynn his licenses pending the outcome of a traffic study by the Massachusetts Department of Transportation, as well as being sued by the City of Boston. The MGM Springfield project is being delayed until the Interstate 91 viaduct deck replacement project is completed.
With New Bedford dropping for the casino competition that leaves only the Brockton Fairground proposal still in play.
The Massachusetts Gaming Commission is considering their next action.