Somerset Casino Not Looking Like a Good Bet

Mass.Gaming Districts.C_0If this was a horse race, you could say Brockton is closing in on the leader New Bedford and Somerset was fading fast.  Somerset may not be able to close in at all after it’s latest set back. This three horse race just turned into two!

Quite the momentum swing last Monday –

  • New Bedford gets a rich new investor, and a new leader in management with Scott Butera
  • Brockton gets ready for a city vote after meeting its deadline for filing license application materials
  • And Somerset casino backers lose their equity partner, saying that they had “kind of pulled out at the last minute.”

According to Mike Lawrence of SouthCoastToday, “KG Urban had asked for an extension of the financial deadline in January, as well. So did Somerset on the Move and Crossroads groups, which then merged to back the current Somerset proposal as Crossroads Massachusetts. For KG Urban and New Bedford, it appears the extra time was enough. For Crossroads and Somerset, it wasn’t.”

Brocton still appears to be in New Bedford’s rear-view mirror.  Steven T. Snyder, GLPI’s senior vice president of corporate development, expressed confidence in the New Bedford site in a letter to the Gaming Commission.  If chosen and all goes along their plan, KG Urban could end up with the best resort/casino of three – including MGM and Everett. Remember, Plainridge Park, the fourth Mas casino is a slots only casino.

NewBedfordcasinorenderingarchitectsllpA“With its glass casino on the wharf boasting 180-degree views of the harbor and its proximity to New Bedford’s commercial fishing fleet, the Buzzards Bay hurricane barrier, State Pier, Cape Cod, Martha’s Vineyard and Nantucket, KG’s Cannon Street property will create a gaming and resort experience unique not only to the commonwealth, but in the entire country,” Snyder wrote. “And one that only New England can possibly offer.”

And, I think he’s right.  Uniquely New England – sounds good to me!

That’s all for now.

Binbin