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Suffolk Downs Takes Next Step to Earn Gaming License
Track Files Application Fee; Looks to Invest $1 Billion to Create Jobs, Enhance Area Economy
(EAST BOSTON - August 10, 2012) - After rolling out development plans for a $1 billion destination resort in June and conducting several local community meetings since then, Suffolk Downs has formally declared its intent to compete for one of Massachusetts’ commercial gaming licenses by filing the state’s form and submitting the required non-refundable $400,000 fee with the Massachusetts Gaming Commission, track official announced today
“We begin this formal part of earning a license to develop a world-class destination resort at our 77-year-old racetrack with great enthusiasm and with the understanding that our project must set the standard for gaming development in Massachusetts,” said Richard Fields, Suffolk Downs principal owner. “With our partners, Caesars Entertainment, we are committed to a proposal that will create more jobs, tourism benefits and local economic development than any other project in the state.”
The Caesars-branded resort at Suffolk Downs will include a hotel, restaurants, a casino gaming complex, retail and a multi-use entertainment venue while preserving horse racing at New England’s last remaining Thoroughbred racing venue.
“We understand that to earn this license the onus is on us to not only capture revenue currently being lost to neighboring states but to drive visitors to the area, to create thousands of new jobs and to develop long term partnerships with local businesses and cultural institutions,” said Chip Tuttle, Suffolk Downs Chief Operating Officer.
Suffolk Downs recently detailed its development proposal, which includes plans to:
· Generate $200 million annually in new state tax revenue;
· Generate 2,500 construction and more than 4,000 resort jobs;
· Commit $40 million to improve local roads and intersections as part of an aggressive transportation demand management program that relies on public transportation and other alternatives;
· Spend $150 million annually for goods and services among local and regional businesses
· Partner with Boston area hotels, restaurants, entertainment venues and tourism organizations to attract visitors and to boost the local economy
Suffolk Downs management is now into its second phase of public meetings. Over 2,000 area residents have participated to-date and the track recently announced a second phase of meetings on its plans for improvement to area roadways.
Facts about Suffolk Downs:
· Founded in 1935, it is New England’s only remaining Thoroughbred racetrack
· Situated on 163 acres in East Boston and Revere
· Located close to Logan Airport, several major highways and MBTA
· 800,000 square feet of space in its existing facility
· Possesses current occupancy permit for 38,000 people
· Its trained staff processes approximately $200 million in wagering on annual basis
· In 2008 became the first racetrack in the country to implement a strict anti-slaughter policy for owners and trainers with horses stabled on its grounds
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