Boston Signs Casino Agreement with Suffolk Downs/Caesars

August 28, 2013
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Boston broke the silence on Tuesday afternoon, signing a casino host community agreement with Suffolk Downs/Caesars Entertainment that would bring $52 million in annual payments to Boston and 4,000 permanent jobs.

Revere is currently reviewing its agreement, for which negotiations concluded nearly six months ago, and has not yet signed its host community agreement with Suffolk Downs. It is believed that they will sign an agreement by the end of the week.

Suffolk Downs/Caesars is in direct competition with the proposal in Everett by the Wynn Group. With Wynn flying through the process earlier this summer, the proposal at Suffolk Downs seemed to be bogged down by the Boston negotiations.

That all ended on Tuesday with the signing at Boston City Hall.

Boston would get $52 million per year, including impact fees and property tax payments. However, those payments are determined by the performance of the resort.

In contrast, Everett would get annual payments of $25.5 million per year, which includes $20 million in tax payments and $5 million in annual impact fees.

Boston negotiated a $33 million one-time community investment payment, while Everett received $30 million.

Suffolk Downs also committed to $45 million in transportation and infrastructure improvements.

The Suffolk Downs project is tabbed to cost $1 billion.