MGM Seek Legislators Approval to Set Up Casino in Bridgeport

Proposed MGM BridgeportThe renowned casino brand MGM Resorts is trying to move its way around to set up the $675 million casino proposal at Bridgeport in Connecticut. James Murren, the Chief Executive Officer of MGM Resorts International, paid a visit to Connecticut earlier this week where he sat in front of the Bridgeport Regional Business Council.

The CEO implored upon the members of the legislator with his proposal to set up the casino at Bridgeport in Connecticut.

The proposal to set up the casino by this company has been going on for quite some time in the past. It has been battling with the agreement with the state tribes and the state of Connecticut.

The Mashantucket Pequot and Mohegan Tribes were linked with an agreement in 1993 where two of the tribes got exclusive right to operate the slots in Connecticut. 25 percent of the revenue generated from the slot will be given to the state in exchange. Since the agreement was struck, the Connecticut State has received US$7 billion from the slots revenue from both the tribes.

When the regular legislative session came into place in 2017, voting was done by the lawmakers to expand the casino gaming landscape and move to commercial casino gambling. To do so, MGM Resorts urged the government to come up with competitive bidding for the casino in Bridgeport as both the tribes showed their willingness to join the discussion.

WTNH News8

At the moment, MGM is at an advantageous position as compared to the two tribes as the former has control for the best location to develop one piece of land which is situated directly opposite of I-95 Bridgeport and New Haven across the downtown harbour. Accordingly, there has been a subsequent decline in revenues from the tribal casinos.

The revenue has fallen from $430 million in 2007 to $270 million in 2016. One new casino of MGM Resorts International by the name of MGM Springfield is likely to inaugurate at Massachusetts in the latter part of this year. In the coming days, the revenues of the tribal casinos are likely to come down due to stiff competition from the new casino and also from the casinos in neighbouring states of Connecticut. It is estimated that revenues for the tribal casino will drop by $200 million every year.

MGM said that if the state of Connecticut wants to opt for commercial casino gambling, then it is going to offer a helping hand with its state of the art features to modernise the project. It is speculated that the new casino in Bridgeport will have 2000 slot machines and 160 gaming tables with a lavish hotel with 300 rooms, auditorium that can house 700 people and retail outlets.

The CEO of MGM Resorts International made the following statement:

I’m looking for widespread economic development in Bridgeport, not a box of slots, not a casino, but a resort development that will stimulate tourism to your state, activate multiple industries and weave together the already beautiful tapestry of arts, entertainment, retail, culture that already exists.

The CEO further pointed out that he is a native of Bridgeport and his mother continues to live in that place. He is looking forward to design and develops the area with modern art if the legislators agree to his proposal to set up a casino at this place.

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