MGM Plans for Bridgeport Casino
MGM Resorts International made an announcement earlier this week that it would be constructing a waterfront casino worth $675 million at Bridgeport, Connecticut. The plan is the group’s latest attempt at establishing itself in a market that is currently dominated by Native American casinos. In fact, two of the world’s largest casinos exist in Bridgeport and they are run by the two Native American tribes.
MGM’s new casino and entertainment facility will be responsible for the creation of several new jobs in Connecticut and also bring in more revenue for the city of Bridgeport and the communities within. Funding for the casino will be sourced from private investors.
The casino plan
The casino will be home to a theater with seating capacity for 700, retail outlets, dining options, a hotel with 300 rooms, 2000 slot machines, and 160 table games.
The announcement for the new casino was made by Jim Murren, MGM’s Chairman and CEO, and Robert W. Christoph, Sr., Chairman of the RCI Group. Elected officials were present for the announcement, which was made at the Steelpointe Harbor
According to MGM, the new casino will offer plenty of benefits. This includes the creation of 7000 new jobs, $8 million in payments to the city, $50 million as license fees which will go to the State of Connecticut, $4.5 million in annual payments to various communities, $430 million as new labor income, and over $600 million in private investment.
Jobs to be the biggest draw
Bridgeport Mayor, Joe Ganim, believes that the greatest outcome from building the casino would be the creation of new jobs. In a statement, he supported the construction of the new casino citing the idea that job creation was necessary for economic recovery.
MGM expects most of its customers to come from New York City.
However, MGM’s plan isn’t without problems. Currently, Connecticut law allows only the Mohegan and Pequot tribes to build casinos in the state. Therefore, a legal battle will have to be overcome for the plan to turn into reality.
But, Ganim remains hopeful as he believes the casino will bring in major economic benefits, which can help with the state’s recovery. He also believes that the legislators will be forced to give the green signal as there is pressure mounting up with regards to the balancing of the state budget.
On the other hand, a violation of the existing compact would impact the revenue currently coming in from the 2 tribal casinos.
