MGM pays $85M Massachusetts casino license fee - Western Mass News - WGGB/WSHM

MGM pays $85M Massachusetts casino license fee

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A breakdown of where the licensing funds will be allocated. (MGC) A breakdown of where the licensing funds will be allocated. (MGC)

After acquiring the resort-casino license for Western Massachusetts two weeks ago, Blue Tarp reDevlopment, better known as MGM Springfield has paid their license fee.

MGM paid the $85 million electronically to the Massachusetts Gaming Commission.

That is the amount required by the Gaming Act for the 15 year resort-casino license for MGM to build their $800 million casino in Springfield's South End.

MGM's installment will be added to the pot of license payments already received by the Mass Gaming Company.

Including $85 million from Wynn Resorts for their casino in Everett, MA and Penn National for their slot machine parlor in Plainville, MA.

That brings a total of $195 million in license payments.

So what will become of that money?

According to the Massachusetts Gaming Commission, it will be distributed the following state agencies:

· 23 percent for the Health Care Payments Reform Fund

· 17 percent for the Community Colleges Fund

· 14.5 percent for the Transportation Infrastructure Fund

· 13 percent for the Manufacturing Fund

· 11 percent for the Local Capital Improvements Fund

· 10 percent for the Community Mitigation Fund

· 5 percent for the Local Aid and Stabilization Fund

· 5 percent for the MA Racehorse Development Fund

· 1.5 percent for MA Tourism Fund

MGM Springfield hopes to break ground on their project in the spring of 2015 with a completion date happening sometime in 2017.

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