Agreement is Latest in Steps Toward Development
REVERE – Suffolk Downs and Caesars Entertainment on Wednesday reached a landmark host community agreement with the City of Revere, another critical step in the pursuit of a license to develop a world-class casino resort at the site of the thoroughbred racetrack. The agreement provides Revere with significant employment opportunities for local residents, infrastructure improvements and other economic and community benefits.
The agreement with Revere, announced on Wednesday by Mayor Dan Rizzo, is the result of a comprehensive and detailed review of impacts and benefits with the city. A similar agreement with the City of Boston was announced Tuesday.
“Mayor Rizzo and his team have been true partners as we have pursued this opportunity, and we are grateful for the efforts they have undertaken,” said Richard Fields, principal owner of Suffolk Downs.
“We look forward to continuing to foster that partnership with the city and its residents and, together, setting the standard for gaming resorts in Massachusetts in every way.”
“Our proposed development will directly benefit Revere with annual payments as well as up-front investments in schools, parks, vital services and transportation improvements,” said Joe O’Donnell, principal owner of Suffolk Downs. “Our proposed project has the best location and will create the most local jobs and provide the greatest growth in tourism, hospitality and conventions and meetings in the Commonwealth.”
“This location is ideally suited for our city-integrated resort model, which is designed to reflect the distinct attributes of the host communities and drive maximum economic impact to residents and businesses,” said Gary Loveman, chairman, president and CEO of Caesars. “Our proposal is intended to drive tourism to the region and introduce our guests to all the Greater Boston area has to offer.”
The proposed billion-dollar development is planned to be the most sustainably designed and built resort casino in the world. It will feature world-class amenities, including hotel, dining, spa, entertainment space and live thoroughbred racing in addition to gaming space and a World Series of Poker™ room.
The developers have made upfront and ongoing financial commitments to Revere as part of the Host Community Agreement. These commitments include estimated annual payments of $15 million to Revere once the resort is fully operational. The amount of the payments is determined in part by the resort’s performance. . In addition to the annual payments, the agreements include up to $16 million in one-time community investments, including capital commitments related to municipal projects and more than $45 million in transportation and infrastructure improvements.
The annual community impact fees of approximately $15 million will also cover the increased cost of providing municipal services.
“Suffolk Downs is proud of its 78-year heritage in Revere, and the role we have played in the community,” said Chip Tuttle, Chief Operating Officer of Suffolk Downs. “We are grateful for the input local residents and businesses have given throughout this process by providing valuable feedback at numerous community meetings. We look forward to continued engagement as we move forward in this process.”
Among the specific benefits to the community detailed in the agreements are:
• The creation of 2,500 construction jobs and 4,000 permanent jobs, with a preference given to
Revere residents, including job training programs;
• $45 million in transportation and roadway improvements in East Boston and Revere;
• $7.5 million in annual spending with Revere-based businesses;
• Capital improvements in Revere, including at the city’s new football field and youth center.
About Suffolk Downs:
Founded in 1935, Suffolk Downs has been a gaming and entertainment venue in the city of Boston for over 78 years. It is New England’s only remaining active Thoroughbred racetrack. Rich in history, Suffolk Downs has hosted Hall of Fame horses Seabiscuit, Whirlaway and Cigar, and has been the site of performances by world-renowned entertainers, including the Beatles and Aerosmith. For more information, please visit www.suffolkdowns.com.
Caesars Entertainment Corporation is the world’s most diversified casino-entertainment company. Since its beginning in Reno, Nevada, 75 years ago, Caesars has grown through development of new resorts, expansions and acquisitions and now operates casinos on four continents. The company’s resorts operate primarily under the Caesars®, Harrah’s® and Horseshoe® brand names. Caesars also owns the World Series of Poker® and the London Clubs International family of casinos. Caesars is focused on building loyalty and value with its guests through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership. We are committed to environmental sustainability and energy conservation and recognize the importance of being a responsible steward of the environment. For more information, please visit www.caesars.com.