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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