MGM Massachusetts Casino Changes Lifts Cost to $950 MillionBy
Child-care facility, expanded retail space boost price tag
Company is challenging plans for new casino in Connecticut
MGM Resorts International said enhancements to its planned casino in Springfield, Massachusetts, will increase the projected cost to $950 million from $860 million previously.
The changes include a child-care facility and expanded retail space, the Las Vegas-based company said Wednesday in a statement. Plans for a redesign were announced earlier, when MGM Springfield said it was moving a 250-room hotel and apartments off site.
The Springfield project has proven problematic for the largest owner of casinos on the Las Vegas Strip. MGM Resorts won a hotly-contested competition to build a casino in the western part of the state last year. Since then, the company announced a delay due to highway construction and changes to the design, which caught local leaders by surprise. When proposed in 2012, the casino’s cost was put at $800 million.
Connecticut legislators also passed a bill that could result in a new tribal casino near Hartford. It would compete for customers with MGM’s Springfield project. The Las Vegas-based company has sued to reverse the legislation.
MGM Resorts rose 2.1 percent to $22.72 at the close in New York on Wednesday. The shares are up 6.3 percent this year.
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