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MGM Resorts International(NYSE:MGM) Gets Green Light for MGM Springfield Casino License

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MGM Resorts International(NYSE:MGM) received a unanimous vote from the Massachusetts Gaming Commission (MGC) approving an agreement to award MGM Springfield a license to operate a resort casino in Downtown Springfield, the company announced on Friday.

MGM Springfield is an $800 million investment which is designed to ignite an urban revival. The mixed-used development project calls for a 25-story 250-room hotel with a spa, pool and roof deck; 125,000 square feet of gaming space with 3,000 slot machines, 75 gaming tables, a poker room and high limit VIP gambling area. In addition, about 55,000 square feet of retail and restaurant space that will accommodate 15 shops and restaurants; and a multi-level parking garage is planned. 

Furthermore, the plans include a dining, retail and entertainment district with an eight-screen cinema, bowling alley and an outdoor stage. This will be developed by Davenport Properties of Boston, MA, in partnership with MGM on land now occupied by the tornado-damaged South End Community Center and Howard Street School. 

MGM Resorts International said that MGM Springfield will bring 3,000 permanent jobs and 2,000 construction jobs to Downtown Springfield. 

Jim Murren, Chairman and CEO of MGM Resorts, said: “This is a great day for Springfield, the Commonwealth of Massachusetts and MGM. We’re proud of what our talented team and our many dedicated city and community partners have accomplished together.” 

He added: We thank the Massachusetts Gaming Commission for its thorough vetting process and look forward to continuing our work with Springfield Mayor Domenic Sarno and other Springfield and Western Massachusetts elected officials and governmental leaders, along with residents and businesses of Springfield and the region, as we move this project forward.” 

Shares in MGM were up 0.98% to $24.68 shortly before midday on Friday. Over the past 52 weeks, the company has seen a share price high of $28.75 and a low of $12.87.

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