REVERE (CBS) — Mohegan Sun has announced a host community agreement with the city of Revere that would guarantee the city between $25 million and $30 million in annual revenue, with the potential for that figure to grow beyond $40 million a year, the company reported Monday.
The deal also provides up to $33 million in pre-opening payments, about $40 million in infrastructure improvements, new athletic fields, guaranteed school funding, and money for public safety and other benefits, Mohegan Sun said in a prepared statement.
The agreement — reached by Revere Mayor Dan Rizzo and the Mohegan Sun/Suffolk Downs negotiating team — is the result of comprehensive talks over benefits to Revere should Mohegan Sun be awarded a license to develop a $1 billion resort casino on 42 of Suffolk Downs’ 52 acres in Revere.
“Mohegan Sun is going to create a wonderful destination that will both celebrate Revere’s unique history and provide great opportunity for its future,” said Mitchell Etess, CEO of the Mohegan Tribal Gaming Authority. “This agreement formalizes the strong partnership we’ve quickly established with Revere, and lays out the many ways the City and its residents will benefit from Mohegan Sun Massachusetts.”
Other highlights of the host agreement between Mohegan Sun and Revere include:
• Job preference for Revere residents and targeted spending levels with Revere vendors
• New city community center
• 2,500 construction jobs
• $1 million for Revere public schools
“I believe that this agreement will be transformational to the City of Revere. Through this partnership, Mohegan Sun and Suffolk Downs will create jobs, enhance our local and state economy, and generate much needed revenue,” Rizzo said in a prepared statement. “This project will not only be beneficial for the City of Revere, but will help stabilize and support our regional economy. I look forward to sharing the details of this agreement with our residents over the next several weeks.”
WBZ NewsRadio 1030’s Lana Jones reports