MGM Resorts frontrunner for casino projects in western Massachusetts
It's kind of like the Miss America pageant in a Massachusetts casino and now it's in the finals; MGM Resorts International is tearfully waiting with its sash from Springfield, Mass., to get its name It will be the only casino project to represent the western region of the state.
It was recently announced that MGM beat out runner-up Pennsylvania National Gaming to propose a project plan to Springfield Mayor Domenic Sarno to build an $800 million hotel on 10 acres of land. USD hotel-casino, plans for the project remain incomplete due to damage caused by the 2011 tornado. confusion.
"Today is a great day for MGM Resorts and the city of Springfield," MGM Resorts President Bill Hornbuckle said in a statement (while adjusting his virtual headgear ). "We have worked very hard to prove that our project deserves this opportunity. It has been a remarkable journey so far and we look forward to the next phase."
Finalists advance to next round
The pageant can only have one winner, and MGM must be approved by the Springfield City Council and the city's voters before moving on to the final round. Once that hurdle is cleared, it can try to outdo, outdo, and outdo the potential Hard Rock International project in West Springfield and the Palmer Sun Hotel and Casino. Oh, biting your nails!
The winner won't be announced until 2014, so we'll find out then. The Massachusetts Gaming Commission must decide whether a blonde, brunette or redhead will take the Western Massachusetts crown; two other regional resorts are allowed elsewhere in the state.
MGM Most Popular
At least one gaming analyst is betting that MGM will take home the crown and rose bouquet; Stifel Nicolaus Capital Markets gaming analyst Steven Wieczynski said MGM is the frontrunner because of its global brand recognition and extensive project slate.
"While this selection is certainly not a decisive factor for a company that generated approximately $2 billion [cash flow] in 2012, it contributes to our increasingly positive view of the MGM story," Wieczynski said. "Ultimately, we believe the project should be able to generate $120 million to $160 million in [cash flow], equivalent to a 15% to 20% return on MGM's initial investment."
Here she comes, Miss Massachusetts.
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Source: www.casino.org
