BOSTON, Nov. 6, 2014 /PRNewswire/ -- MGM Resorts
International today received a unanimous vote from the
Massachusetts Gaming Commission (MGC) officially granting MGM
Springfield a license to operate a resort casino in Downtown Springfield. The license is effective
tomorrow, Nov. 7.
In June, the MGC entered into an agreement to award MGM Resorts
the Region B Category 1 License upon final resolution of a ballot
initiative to make gaming illegal in Massachusetts. On Tuesday, Massachusetts voters overwhelming supported
keeping the gaming statute in place.
James J. Murren, Chairman and CEO
of MGM Resorts International said, "This has been one of the most
exciting weeks in MGM's history. We are grateful to the voters of
the Commonwealth, and especially the people of Springfield for voting for jobs and economic
opportunities. Today we want to thank the Massachusetts Gaming
Commission for formalizing our agreement that will allow us to
revitalize a great downtown."
MGM will pay its $85 million
licensing fee to the Massachusetts Gaming Commission on Monday,
Nov. 17.
Murren said, "I want to commend the Massachusetts Gaming
Commission for working with operators and other stakeholders to
navigate what has been a long and challenging process. Their
commitment to transparency and the spirit of the legislation has
made our project stronger."
Together with volunteers and supporters, the MGM team celebrated
a wide margin of victory on Tuesday night, as more than 1.2 million
Massachusetts voters said no to
Question 3, the effort to repeal the law enacted in 2011 that
allows gaming resorts in Massachusetts. With more than 300 people in
attendance at the Basketball Hall of Fame, the MGM team took to the
stage to thank Springfield
residents for their perseverance. Many in the room were voting in
favor of a casino in Downtown
Springfield for the second time in less than 18 months.
Mayor Domenic Sarno also addressed
the jubilant crowd, and said he looked forward to "shovels in the
ground."
Work Begins
Following the historic vote, MGM Springfield immediately began
work on the property. On Wednesday morning, heavy equipment was at
the Howard Street School to conduct geotechnical soil assessments.
The site will house a 3,500-space parking garage. This is the first
time since 2012, when MGM first formally announced its interest in
a resort casino in Springfield,
that construction activity has taken place on the site. It signals
the kick off to early preparations for a Spring 2015
groundbreaking.
MGM Springfield President Michael
Mathis said, "It is extremely gratifying to have equipment
on site, not only because it signals the start of the work, but
because the people of Springfield
no longer have to imagine. Their future is now."
The Project
MGM Springfield, an $800-million
investment, is designed to ignite an urban revival. MGM and its
professional partners worked painstakingly to put together a design
that celebrates the history of Springfield while moving the Gateway City into
a new era of commerce and economic opportunity.
The integrated resort casino is designed to enhance the entire
urban center of Springfield. The
mixed-used development project calls for a 25-story 250-room hotel
with world-class amenities including a spa, pool and roof deck;
125,000 square feet of gaming space with 3,000 slot machines, 75
gaming tables, a poker room and high limit VIP gambling area; about
55,000 square feet of retail and restaurant space that will
accommodate 15 shops and restaurants; and a multi-level parking
garage.
Plans also envision a high-energy dining, retail and
entertainment district with an eight-screen cinema, bowling alley
and an outdoor stage. This will 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.
Mathis said, "Before year's end we will finalize critical
construction permits and close on real estate transactions,
including 1200 Main Street and 73 State Street. Additionally, in
early 2015 we will announce our general contractor."
MGM Springfield will bring 3,000 permanent jobs and 2,000
construction jobs to Downtown Springfield. MGM has
established a hiring goal of 35 percent of the workforce from the
City of Springfield and 90 percent
from a combination of Springfield
and the region. Additionally, MGM Springfield has entered into
surrounding community agreements with neighboring communities
providing for tens of millions of dollars and has committed to
spending approximately $50 million
annually with regional vendors and suppliers.
Mathis added, "We have worked hard to develop a master plan to
construct a world-class urban casino resort proposal that will
anchor a renaissance for an important Gateway City and the region
around it. We now look forward to that becoming a
reality."
The MGM Springfield site is located on approximately 14.5 acres
of land between Union and State streets, and Columbus Avenue and
Main Street.
About MGM Resorts International (NYSE:MGM)
MGM Resorts
International (NYSE: MGM) is one of the world's leading global
hospitality companies, operating destination resort brands
including Bellagio, MGM Grand, Mandalay Bay and The Mirage.
The Company also owns 51 percent of MGM China Holdings Limited,
which owns the MGM Macau resort and casino and is in the process of
developing a gaming resort in Cotai, and 50 percent of CityCenter
in Las Vegas, which features ARIA
resort and casino.
For more information about the company please visit
www.mgmresorts.com.
Statements in this release that are not historical facts are
forward-looking statements involving risks and/or uncertainties,
including those described in the Company's public filings with the
Securities and Exchange Commission. The Company has based
forward-looking statements on management's current expectations and
assumptions and not on historical facts. Examples of these
statements include, but are not limited to, statements regarding
the development of MGM Springfield. These forward-looking
statements involve a number of risks and uncertainties. Among the
important factors that could cause actual results to differ
materially from those indicated in such forward-looking statements
include effects of economic conditions and market conditions in the
markets in which the Company operates and competition with other
destination travel locations throughout the United States and the world, the design,
timing and costs of expansion projects, risks relating to
international operations, permits, licenses, financings, approvals
and other contingencies in connection with growth in new or
existing jurisdictions and additional risks and uncertainties
described in the Company's Form 10-K, Form 10-Q and Form 8-K
reports (including all amendments to those reports). In providing
forward-looking statements, the Company is not undertaking any duty
or obligation to update these statements publicly as a result of
new information, future events or otherwise, except as required by
law.
SOURCE MGM Resorts International