MGM pays Massachusetts licence fee

By David Cook
Casino operator MGM Resorts International has paid an $85m casino licence fee that will allow it to open a Springfield Resort Casino next week.

The licence will run for 15 years, with the project costing the Las Vegas-based company $800m.

MGM won the vote to be granted the western region’s only casino licence in July, but the licence payment was not due until after a vote on whether to repeal the casino law in Massachusetts.

Voters rejected the repealing of the law earlier this month, allowing construction to proceed, with MGM set to pay $25m annually.

The project is expected to provide an economic boost to the city, with a hotel, shopping and entertainment complex set to be included as part of the plans.

MGM has previously said it will require 2,600 temporary construction workers to complete the project and a further 3,000 employees to work on it after completion.

Massachusetts has now made $195m in casino licence fees this year, as casino giants Wynn Resorts and Penn National Gaming also plan to open land-based casinos in the state.

Wynn is building a $1.6bn casino in Everett, while Penn is planning a $225m expansion of Plainridge, a harness racing track in Plainville, with each company paying licence fees of $85m and $25m respectively.

TAGS:

Share This Post



NEWS SPONSOR

More News

Sports betting is very much “alive and kicking” despite a tumultuous 2020 which saw the coronavirus pandemic decimate the sporting calendar, according to the CEO of EveryMatrix. All major sport was suspended...




This article originally appeared in the January/February edition of Gambling Insider magazine: Gaming Economics CEO Lee Richardson reveals what is going on behind the scenes as we get to the business...