SPRINGFIELD, Mass.,
Aug. 22, 2012 /PRNewswire/
-- MGM Resorts International's Chairman and CEO Jim Murren today unveiled plans to develop an
$800 million world-class dining,
retail and entertainment district on about 10 acres of land heavily
damaged by the June 2011 tornado in
Downtown Springfield.
MGM's Springfield plan
envisions a revived Main Street area with people walking along
vibrant tree-lined streets overflowing with restaurant choices, a
variety of shopping options for everyone in the family, an outdoor
stage, movie theaters, a casino and hotel that all respect and feed
off of the area's existing iconic architecture. The concept for a
central downtown retail and entertainment district also includes a
pedestrian bridge between the MGM project and the MassMutual
Center.
The announcement came as MGM submitted its $400,000 application fee to the Massachusetts
Gaming Commission (MGC). The non-refundable application fee will go
to both the Commonwealth of Massachusetts and the City of Springfield to fund the vetting and
negotiating process that MGM hopes will result in a world-class
destination resort in Springfield.
While the new Massachusetts
gaming law does not require that the application fee be submitted
until later this year when the first MGC
filing is due, MGM issued its check early, along with its
certification of intent to apply, as a good faith sign of MGM's
commitment to Springfield.
Murren said, "We believe this is a significant demonstration of
our desire to partner with Springfield and it gives the MGC and the city
the resources they need to move forward during this groundbreaking
phase for a new industry in Massachusetts."
The MGM Springfield project would be developed on three city
blocks located just 200 feet off Interstate 91, a popular
North/South connector running from Connecticut to Vermont, only a few miles from the
Massachusetts Turnpike. The blocks, where the devastation from last
year's tornado is still visible today, run between Union and State
streets, and Columbus Avenue and Main Street. MGM controls several
land parcels in the proposed development area, with many others
under contract.
MGM Springfield would create thousands of permanent direct jobs
as well as more than 2,000 construction-related jobs and
thousands of additional indirect jobs. MGM Springfield would
generate millions in annual tax revenues.
Murren said, "Ours is a vision rooted in partnerships that would
increase tourism by elevating the level of dining, retail and
entertainment not only within the MGM project area but hopefully
opening onto Main Street, throughout Downtown Springfield and into the rest of this
great city."
Preserving the Architecture
MGM is hoping to partner with the City
of Springfield and others on this renaissance project to
help rebuild and revitalize Downtown
Springfield in the aftermath of the tornado that heavily
damaged many Downtown Springfield
buildings. Development plans include preserving much of the
downtown's architecture by repurposing the original MassMutual
headquarters at the corner of State and Main streets as MGM offices
and 73 State Street as the historical entrance to a modern MGM
hotel.
Springfield, the region's
cultural epicenter on the Connecticut River, is home to world-class
museums, the Basketball Hall of Fame, the Springfield Symphony, the
MassMutual Center and several well-known academic
institutions.
Murren announced MGM's vision for an economic revival of
Downtown Springfield at the
MassMutual Center before a group of elected officials and civic,
business and community leaders. The group also heard from
Bill Hornbuckle, President MGM
Springfield and MGM Resorts Chief Marketing Officer, before a lunch
that included informal conversations with guests and members of
MGM's executive team.
Project Details
The more than half-million square foot mixed-used development
project would include a 25-story 250-room hotel with world-class
amenities including a spa, pool and roof deck; 89,000 square feet
of gaming space; about 70,000 square feet of retail and restaurant
space that would accommodate 15 shops and restaurants; and a
multi-level parking garage.
Plans also envision an approximately 130,000 square-foot dining,
retail and entertainment district, tentatively named Armory Square,
and directly accessible from the garage parking. It would include
about 25 exciting, high-energy dining and retail venues including a
12-screen cinema, bowling alley and outdoor stage, to be developed
by Davenport Properties of Boston,
MA, in partnership with MGM on land now occupied by the
tornado-ravaged South End Community Center and Howard Street School. MGM in conjunction with
Davenport hopes to be the successful bidder for those parcels when
the city auctions them later this year.
Market Rate Rentals
MGM Springfield would also include 40,000 square feet of
market-rate one and two bedroom apartments, new homes for the young
professionals working in a revived downtown entertainment
district.
Local Cultural
Institutions
The pedestrian bridge between MGM Springfield and the MassMutual
Center, at the corner of State and Main streets, is a direct-link
concept that would allow visitors to easily use the MGM Springfield
garage for events at the MMC. No indoor entertainment area is
planned; instead MGM plans to partner with existing facilities such
as the MassMutual Center, Symphony Hall, City Stage and local
museums, to help drive traffic to these facilities to support
current and cultivate increased tourism in the local economy. MGM's
vision is to jump start a new era of economic development in
Springfield that will flow from
the project out onto Main Street and into all parts of the downtown
and city economy.
Easy Highway Access
With immediate highway access from Interstate 91, the proposed
site is perfectly located to avoid downtown transportation
problems. The development calls for strategically located public
parking in a covered garage no more than 200 feet from the
highway.
Plans also envision a trolley service that would link the
entertainment district to key downtown locations including Union
Station and the many popular cultural facilities. MGM officials
have had preliminary conversations with the Pioneer Valley Transit
Authority regarding the creation of such a trolley system.
Community Meetings, New Office
to Come
Murren, Hornbuckle and other members of the MGM executive team
have been meeting with city officials, as well as community and
business leaders. Last night, MGM hosted a neighborhood dinner to
share the project vision and pledge its commitment to the proposed
development and revitalization of the area. More meetings with
local leaders are planned.
Hornbuckle said the company will soon open a downtown office so
people can stop by to share information and thoughts as the
community process gets under way. Community involvement is a key
priority in every MGM development, he added, and essential to
creating a successful, world-class retail and entertainment
destination.
Website
Also today, MGM launched a website for MGM Springfield. The
website, www.mgmspringfield.com, was developed as a resource for
local residents to learn more about the proposed project. The site
features information and maps highlighting the proposed development
area in Springfield, along with
MGM company information, press releases, a Springfield "frequently asked questions"
section, and a "contact us" option. There also is a link allowing
people to easily "Share Your Thoughts."
MGM in Massachusetts
MGM first announced in January that it was interested in a
Western Massachusetts gaming
license. After considering a Brimfield location, MGM sought a site that
could accommodate a dynamic world-class entertainment
complex.
About MGM Resorts International (NYSE:MGM)
MGM Resorts International (NYSE: MGM) is one of the world's
leading global hospitality companies, operating a peerless
portfolio of destination resort brands, including Bellagio, MGM
Grand, Mandalay Bay and The Mirage. In addition to its 51% interest
in MGM China Holdings Limited, which owns the MGM Macau resort and
casino, the Company has significant holdings in gaming, hospitality
and entertainment, owns and operates 15 properties located in
Nevada, Mississippi and Michigan, and has 50% investments in three
other properties in Nevada and
Illinois. One of those investments
is CityCenter, an unprecedented urban resort destination on the Las
Vegas Strip featuring its centerpiece ARIA Resort & Casino.
Leveraging MGM Resorts' unmatched amenities, the M life loyalty
program delivers one-of-a-kind experiences, insider privileges and
personalized rewards for guests at the Company's renowned
properties nationwide. Through its hospitality management
subsidiary, the Company holds a growing number of development and
management agreements for casino and non-casino resort projects
around the world. MGM Resorts International supports responsible
gaming and has implemented the American Gaming Association's Code
of Conduct for Responsible Gaming at its gaming properties. The
Company has been honored with numerous awards and recognitions for
its industry-leading Diversity Initiative, its community
philanthropy programs and the Company's commitment to sustainable
development and operations.
For more information about the company please visit
www.mgmresorts.com.
SOURCE MGM Resorts International