By the narrowest of odds, Crossroads Massachusetts caught a couple of breaks late last week. The Foxwoods Resort Casino-led project was found “conditionally” suitable to go forward. The condition imposed by the Massachusetts Gaming Commission was that Foxwoods find the $550 million it lacked in financing. As predicted here, Foxwoods pulled Penn National Gaming — or rather its parent, Gaming & Leisure Properties Inc. — out of a hat. Penn is already licensed in Massachusetts, so that should remove any remaining clouds over Crossroads before it goes to the voters tomorrow. GLPI is extending financing to Crossroads without taking an equity position, so it will be interesting to see how this arrangement works.
Foxwoods now must contend in Milford with a highly organized and motivated opposition. It also must get its land re-zoned AND meet a septet of conditions imposed by the state. Among the latter is that Crossroads be independent of the Mashantucket Pequout tribal council.
While some fairly unimpressive casino proposals for rural New York State were laid out last week, developers Robert Berman and Joe Bernstein have counterstruck with a $600 resort proposal. That’s more than double the amount proposed for three Southern Tier casinos combined. But Berman and Bernstein’s RH Land Development is running at the hotly contested Catskill Mountains niche, where competition is expected to be fierce. RH Land is throwing down the gauntlet with a planned golf course, Woodstock revival and a Comedy Hall of Fame. But with four other casino projects being pitched for Sullivan, plus one for Ellenville, RH Land has a tough row to hoe.
