Cordish Makes Statement On Leominster Slots Deal
Following Leominster Mayor Dean Mazzarella’s announcement that he had reached a host community agreement with Baltimore-based Cordish Cos. to build a slots parlor there, Cordish said it looks forward to working with the city.
In a statement released late Thursday, Cordish said it looks forward to working on the $200-million project that it said will bring more than 1,000 jobs to the city. Cordish has promised at least 500 full-time jobs with benefits and 600 construction jobs with hiring preference given to city residents and union workers.
“Live! Casino Massachusetts will be a world-class gaming facility, featuring 1,250 of the latest, state-of-the art slot machines and electronic table games, nationally-recognized and local restaurant brands, and live entertainment,” Cordish said.
The proposed location for the 125,000-square-foot facility is a 14-acre site on Jungle Road, off Route 117 and near Interstate 290. Cordish said the location makes it “an ideal site to become a true regional destination.”
On Thursday, Leominster became the first Central Massachusetts community to sign a host agreement with a slots developer. Other deals in the area have fallen through but one in Millbury is still in the works.
The agreement stipulates that, if Leominster gets the state’s only slots license, the city would receive the greater of 2 percent of Cordish’s gaming revenue at the site or $3.5 million a year for the first five years. After that, the $3.5 million could be adjusted down if revenues decline, Mazzarella said. However, after 10 years, Cordish would contribute 2.5 percent of its revenues to the city.
In order for the plan to move forward, Cordish must file a referendum request with the City Council, which would set a date for a citywide voter referendum within 60 to 90 days. If voters approve the project, Cordish must submit its final application to the state's Gaming Commission by Oct. 4.
For Cordish, the fourth time has proven to be a charm, as its previous proposals for slots parlors in Boxborough, Danvers and Salisbury were halted by selectmen in each community. In addition to Leominster and Millbury, proposals in Plainville and Raynham are also vying for the slots license.
Cordish has several developments across the country, including two Hard Rock hotels and casinos in Florida and Maryland Live! Casino in Hanover, Md. Mazzarella said he planned to travel to the Maryland casino with public safety officials today.
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