Caesars' CEO is still furious over Mass. casino rejection
Caesars CEO Gary Loveman is still bitter about the company's rejection by Massachusetts casino gambling regulators. Gary Loveman is back in Paradise, Nev., but the Caesars Entertainment Corp. chairman and chief executive can't get Massachusetts off his mind.
According to the Las Vegas Review-Journal, Loveman is "still fuming" after Massachusetts state gambling regulators rejected his bid to build a $1 billion casino with Suffolk Downs in East Boston. Caesars had spent about $100 million on the project, and had a 4 percent ownership stake, according to the report.
Here's what the Review-Journal's Howard Stutz wrote:
Loveman, who said he spent 13 years lobbying Massachusetts to legalize gaming, is embittered. He lives near Boston, taught at the Harvard Business School, holds a doctorate in economics from the Massachusetts Institute of Technology and owns a minority interest in the National Basketball Association’s Boston Celtics.What angers Loveman most is that Caesars, which is licensed for 50 casinos in 13 states, wasn’t given the opportunity to rebut allegations raised in the report.“It’s not like we’re a new applicant with a great deal of uncertainty,” Loveman said. “We’re on display for examination every day.”
Caesars' withdrawal from the East Boston project – and its subsequent rejection by voters – left its Suffolk Downs partners pursuing a proposal in Revere, Mass. Two other contenders for the sole Eastern Massachusetts casino license remain: Wynn Resorts Ltd.'s Everett proposal and Foxwoods Resort Casino's Milford plan. Foxwoods' proposal goes before Milford voters today.
“If Steve (Wynn) had put in a better proposal than us and they had chosen Wynn, then congratulations to Steve,” Loveman told the Review-Journal. “It would have been a better result than this.”