Caesars puts cash down on Suffolk Downs
Boston Business Journal by Thomas Grillo, Real Estate Editor
Suffolk Downs is the first potential casino operator to pony up a $400,000 non-refundable fee with the Massachusetts Gaming Commission to compete for one of state’s commercial gambling licenses.
In June, the East Boston racetrack unveiled plans for a $1 billion destination resort. Since then, they have conducted several community meetings to win the support of the project that is located in East Boston and Revere. Voters have the final say on any casino plan.
No Eastie Casino, a small but vocal group of residents, oppose the project. But they face an uphill battle given that Mayor Thomas M. Menino supports the casino and even opponents acknowledge most East Boston residents favor the plan.
Suffolk Downs, the 77-year-old racetrack on 163-acres, has joined with Caesars Entertainment for construction of a hotel, restaurants, a casino complex, retail and a multi-use entertainment venue while preserving horse racing at New England’s last remaining thoroughbred racing venue.
Chip Tuttle, Suffolk Downs’ COO, said the casino will generate $200 million annually in new state tax revenue, 2,500 construction and more than 4,000 resort jobs as well as commit $40 million to improve local roads and intersections.