In a turnaround deal, Caesars Entertainment has been earmarked to manage the gaming resort of Suffolk Downs. The gaming resort is planned at an expansive racetrack near to the Boston airport. The racetrack is owned by Suffolk. Suffolk has been in the racetrack business for more than 75 years. It is reported that for many months now the deal was in negotiation with various casino owners and gaming companies, and Caesars Entertainment has reached the zenith of the list. Though the ownership of the gaming resort will remain with Suffolk, the entire management of the resort will be handed over to Caesars.
Suffolk will also be in charge of the construction and developmental work.
Caesars Entertainment has its roots in Nevada. The company started some 70 years ago and has risen to be the largest casino entertainment company in the world. The company operates and manages casinos across the globe and has three main brands under its belt – Caesars, Harrah’s, and Horseshoe. The company has more than 50 casinos under its belt and adding one more to it will only add value to it. Many feel that Caesars CEO Gary Loveman being from Massachusetts has also given the company added interest in the project.
A plan to open a gaming resort was announced by COO of Suffolk, Mr. Chip Tuttle. This was announced way back in June 2010 and ever since negotiations were underway with casino giants to take up the resort management. The $600 billion resort plan would include casinos, hotel with approximately 600 rooms, restaurants, club house, shopping center, and spas.
According the Suffolk, the coming up of such a huge project in the area would ensure more than 2000 construction jobs during its construction and more than 2000 permanent jobs once the resort opens to the public. The opening of the casino is expected to rejuvenate the ailing city of Boston. Experts feel that Caesars ready to take such a huge step in Massachusetts is a clear indication that the state is going to get the gaming bill passed soon.
The gaming bill once passed will give way to at least three such resorts in the state. It is expected to raise the revenue of the state and bring in players from neighboring states. But, there is a requirement for a public hearing for the passing of such a bill. Though the bill is not favored well with the Governor, experts are positive about it. They feel that once the people understand the benefits of having such a casino in the state, there will be no problem with the passing of the bill through public hearing.
Suffolk itself has been lobbying for the passing of the bill for quite some time. In fact reports state that it has spent as much as $500 thousand for the lobbying.
The financial and other terms of the partnership between the two companies are yet to be revealed to the public. But, it will definitely be a fruitful alliance for both Suffolk and Caesars. The benefits it will bring to the state are also worth noting.