driving directions middleton ma foxwoods casino

He said the Milford proposal would be exactly what Massachusetts envisioned in a casino. He added that Foxwoods successfully restructured its $2.3 billion debt earlier this year and is now on sound financial footing. 'I am confident in short order we will have that done,' Butera said.īutera did not identify the potential equity partners, citing confidentiality in the negotiations. Scott Butera, Foxwoods' president and chief executive, said Foxwoods - which would manage the casino and own a 10 percent stake - was in active negotiations with two entities that had made 'very strong offers' to fill the financing gap. 'The IEB is not in a position to make a recommendation about suitability because we don't have a complete picture of what this applicant is going to look like,' Wells said. She said the 'glaring issue' was the group's failure to secure a 55 percent equity ownership interest. Karen Wells, director of the commission's Investigations and Enforcement Bureau, said at the outset of the hearing that she was unable to advise the panel on whether the Foxwoods bid should be cleared to continue. A finding of suitability by the five-member commission and a favorable vote by town residents are both required before the bidder, formally known as Crossroads Massachusetts, can submit a final application for the sole eastern Massachusetts resort casino license allowed under state law. The so-called 'suitability' hearing came less than a week before Tuesday's scheduled referendum in Milford on the casino, which would be located off Interstate 495. Foxwoods executives were grilled by Massachusetts gambling regulators on Wednesday after a background check raised questions about the Connecticut casino operator's ability to successfully manage a proposed $1 billion resort casino in Milford.Ī report compiled by investigators for the Massachusetts Gaming Commission cited Foxwoods' failure to secure more than half the financing it needs for the Massachusetts project and concerns about the company's debt and declining revenues.

Driving directions middleton ma foxwoods casino