What financial impact will MGM have on Springfield?

Artist's rendering of the proposed MGM Springfield casino, including the now-abandoned plan for a 25-story glass tower on State Street. The elimination of the glass tower is part of what the city council has to vote on.

SPRINGFIELD, Mass. (WWLP) – If they get the go-ahead, MGM stands ready to invest around $800 million into the state and Springfield. 22News explains how important that money is to the city.

Springfield is counting on about $25 million a year from this casino project.

Having that type of money would not only increase the number jobs in the city, but allow the city to improve services and maintain city jobs. Springfield’s Chief Development Officer Kevin Kennedy told 22News MGM’s casino will generate about $130 million to the state every year.

“There’s no way to recoup that kind of money and on top of that how else do we handle the entertainment options or lack of entertainment options that exist in western Mass,” said Kennedy.

Kennedy told 22News if an act plays Mohegan Sun they’re not allowed to play in a 90 mile radius, so Springfield is out. He says MGM will break that mini-monopoly.

Now we’re just waiting to see if the Supreme Court decides there will be a vote on the casino law in November or if casino companies can move forward immediately.

If the casino law moves forward, MGM will owe the state $85 million within 30 days of accepting the gaming license.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s