A developer has abandoned its bid to build the sole gaming facility in southeastern Massachusetts, necn has learned.
A person close to the plan has confirmed that KG Urban's bid in New Bedford has been abandoned.
"KG Urban’s decision to abandon the Cannon Street project is an extreme disappointment and a great shock given that its CEO Barry Gosin had led everyone to believe he would have the necessary funds to build the project," New Bedford Mayor Jon Mitchell said in a statement. "We have been united as a community and have done everything possible to support the KG casino proposal based on Mr. Gosin's commitment to fully fund the project, so city residents and its leadership are all understandably upset by Mr. Gosin’s decision."
The development leaves George Carney's Brockton Fairgrounds as the only surviving bid for the area's only gaming license.
"The establishment of a resort casino will also be an anchor in the economic revitalization of Brockton, which is one of several minority/majority cities in the Commonwealth," read a statement by Mass Gaming & Entertainment, a proponent of the Brockton Fairgrounds project. "Providing 1,500 permanent jobs to Brockton residents will also contribute to the local economy of Brockton and spur development of new local businesses throughout the region."
Stay with necn as this story develops.