Racetrack owner Richard Fields and Caesars Entertainment are wrapping up their deals with Boston and Revere with dispatch. And the latter are making out like bandits. In their zeal to close deals, Fields and Loveman may be overpaying for the privilege. Compared to Wynn Resorts‘ $25 million annual commitment to neighboring Everett, the Suffolk Downs duo has pledged $32 million to Boston — atop a $33 million downpayment –plus now a percentage to Revere, which will get no less than $4.25 million a year (and probably quite a bit more). That’s more than double what Foxwoods Massachusetts has promised to Milford, which makes one wonder if Caesars and Fields are giving away the store.
Either way, the racino-to-be picked up a quasi-endorsement from Gov. Deval Patrick (D). He praised outgoing Boston Mayor Thomas Menino (D) for cutting such a “george” deal with his city. Further southwest, Milford is being urged to extract another $5 million upfront and $2.5 million annually to provide increased on- and off-site medical services, to handle the extra traffic Foxwoods will bring. Surveys showed that hospital visits have risen with the increase of gaming product in Rhode Island and Connecticut. For taking such a forward-looking stance, Milford Regional Medical Center is to be commended.
Congratulations are due to Loveman, former American Gaming Association boss Frank Fahrenkopf, singer Celine Dion and restaurateur Guy Savoy on their upcoming induction to the AGA’s Gaming Hall of Fame. Loveman had a revolutionary effect on how casinos collect and use marketing data, while the other three all played a role in altering perceptions of the industry. One might not like what he’s done to Caesars Entertainment, but the historical impact of Loveman and the rest of the quartet is inarguable. Kudos!
