Suffolk Downs Reportedly Lines Up Caesars Entertainment To Manage Gambling Resort
Suffolk Downs has “lined up Caesars Entertainment to manage a glitzy $600 million gaming resort planned for the East Boston racetrack in a blockbuster deal that signals smart Vegas money is betting big on legalized casinos” in Massachusetts, according to sources cited by Hillary Chabot of the BOSTON HERALD. Sources said that officials are “close to completing a contract” with Caesars Entertainment CEO Gary Loveman and “could announce a deal as soon as this week.” A source said that Suffolk Downs “would retain control of all aspects of the potential casino development, including licensing and building the property.” Caesars Entertainment would “mainly manage the casino resort, while Suffolk Downs will maintain ownership.” Suffolk Downs COO Chip Tuttle in July announced plans to “construct a $600 million gambling facility that would include a 400- to 600-room hotel, casino, spa, restaurants and shops.” The plan would “pack additional gaming, restaurants and retailers into an existing 800,000 square-foot grandstand, which would be renovated and include a clubhouse” (BOSTON HERALD, 4/14).
DEADLINE LOOMING: In New Jersey, Brennan & Reitmeyer note Gov. Chris Christie yesterday “expressed some skepticism” that New York real estate investor Jeff Gural “would be able to meet Friday’s deadline to complete a deal to take over the Meadowlands Racetrack.” The deal “appears to be the only way for the 35-year-old track to keep running a live card beyond a handful of dates this summer.” Gural said the deadline is a “drop dead date.” Both he and Christie “agreed there was no point in extending efforts beyond this Friday.” Gural said that he and his partners “expect to lose about $10 million to $12 million until a new, smaller grandstand can open in early 2013” (Bergen RECORD, 4/14).