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1540 Updates

Developers: Financing secured for $650M New Bedford casino

A New York development firm proposing a Foxwoods resort casino on the New Bedford waterfront says it has secured financing and brought on former Foxwoods CEO Scott Butera as a partner.

KG Urban Enterprises said Monday it is submitting the required financial and organizational information to the state Gaming Commission ahead of a 5 p.m. deadline. The company proposes a $650 million casino on a former NStar power plant site.

It is among three applicants vying for the state's last resort casino license, which is reserved for the southeastern region. A Rush Street Gaming subsidiary is proposing a $650 million resort in Brockton and a proposal is also in development in Somerset.

Andrew Stern, the son of former NBA Commissioner David Stern, is KG Urban's managing director and principal.



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