In a multi-million dollar business formation proposal, Penn National Gaming has offered to develop an $807 million resort in Springfield, Massachusetts, to include a Hollywood-branded resort and casino on 13.4 acres of land in the north end of the city. The proposed development would include establishing the casino into the downtown area along with a development along the waterfront for mixed use.
The proposal was submitted to both the city of Springfield and the Springfield Redevelopment Authority for approval. If these agencies approve the proposal, Penn National will become the winner of a fierce competition with MGM and Mohegan Sun for the western Massachusetts casino license. If the plan is chosen, it would also lead to Springfield’s newspaper’s offices being relocated and a new printing plant being built.
Penn National has focused on smaller cities as targets for development. Previous expansions in other cities have provided many construction and permanent jobs. The proposed Springfield casino would theoretically bring in thousands of jobs and millions of dollars in tourism business to the area. Penn National currently operates a total of 28 gaming facilities in 19 states and provinces. The company is also scheduled to acquire another casino next year.
In any large business formation, proposal or merger, especially one that involves so many different entities, companies and individuals, business attorneys handle much of the legal aspects of the transactions, including contracts, options and good faith settlements. Business attorneys often deal with these legal documents to ensure that all parties’ rights are protected and that the transactions are carried out smoothly.
Source: The Boston Herald, “Penn National unveils $807M Springfield casino plan,” Frank Quaratiello, Oct. 11, 2012