Developers of the resort casino proposed for the Suffolk Downs racetrack would pay the City of Boston an estimated $52 million a year once the $1 billion facility is fully operational, under an agreement unveiled Tuesday.
In addition to the annual payments, the so-called host community agreement calls for more than $33 million in one-time community investments, including capital commitments related to education, parks, public health, arts, public safety and more than $45 million in transportation and infrastructure improvements, the developers said in a statement.
Boston Mayor Thomas Menino announced the long-awaited agreement, which was reached between the city and Suffolk Downs and its gaming partner, Las Vegas-based Caesars Entertainment. It is a major development in a process expected to lead to the awarding of a single casino license for Massachusetts’ Greater Boston region.
Foxwoods Resort Casino, a partner in a $1 billion project planned in the town of Milford, could compete for the same license in a three-way race that also includes Wynn Resorts of Las Vegas, which has secured a host agreement and referendum approval of its plan to develop a casino in Everett.
Foxwoods Massachusetts is currently negotiating a host community agreement with Milford officials.