New Bedford Developer Drops Out Of Casino Competition

The developer behind a proposed New Bedford casino has withdrawn its application for the state’s third and final casino license.

The development leaves George Carney’s Brockton Fairgrounds as the only surviving bid for the area’s only gaming license.

KG Urban Enterprises partner Barry Gosin said in a letter to the Massachusetts Gaming Commission that the New York-based firm was officially withdrawing because it found it “significantly harder” than expected to convince lenders to invest in the plan.

The Mashpee Wampanoag are seeking federal land-trust status to build a resort casino in nearby Taunton that would not require state licensure approval.

A person close to the plan has confirmed that KG Urban’s bid in New Bedford has been abandoned. But two other projects-an Everett casino from Wynn Resorts and a Springfield casino from MGM Resorts-have already faced early delays since gaining their licenses previous year. Walsh.

A developer has abandoned its bid to build the sole gaming facility in southeastern Massachusetts, necn has learned.

He said investors expressed reluctance in the project partly because of the potential for an Indian-tribe owned casino opening in the region and undercutting casino profits.

The gaming commission has issued three licenses already.

A spokeswoman for the commission declined comment on Wednesday, but said commission members would discuss KG Urban’s withdrawal at a meeting previously scheduled for Thursday.

“I’m shocked actually because we do need that, we go to Foxwoods all the time”, says New Bedford resident Maria Barbosa. In March, Mitchell delivered an impassioned appeal to the commission, pledging full support for a casino to be located on a former power plant site on Cannon Street.

The mayor of New Bedford said the news is a disappointment. In a June 23 referendum, city voters approved hosting the casino by a whopping 73 percent to 27 percent margin.