Voters in the Massachusetts town of Milford rejected Crossroads Massachusetts LLC’s plans for a $1 billion casino by an almost 2-to-1 margin, narrowing the field of candidates vying to build a gambling resort near Boston.
The vote in Milford, about 40 miles southwest of Boston, was 6,361 against and 3,480 in favor, according to a document posted yesterday at the town clerk’s website. Wynn (WYNN:US) Resorts Ltd. and the Suffolk Downs horse-racing track continue to pursue proposals elsewhere in the area.
The election was held days after state gaming officials ruled that Crossroads was conditionally suitable to be granted a license. The group, which includes the owners of the Foxwoods Resort Casino in Connecticut, also said last week it had completed financing arrangements through a deal with Gaming & Leisure Properties Inc., a real-estate investment trust.
Wealthier communities in Massachusetts have rejected casinos, while cities with higher unemployment have approved them, according to Father Richard McGowan, a professor of finance at Boston College, and the author of books on gambling, tobacco and alcohol.
Massachusetts legalized casino gambling two years ago with plans calling for three resorts in three distinct parts of the state. Crossroads was competing against Wynn and Suffolk Downs in the Boston area.
Suffolk Downs said this month it will move ahead with plans to develop a casino on its land in Revere after voters in East Boston rejected its proposal. Closely held Foxwoods is owned by the Mashantucket Pequot Tribal Nation.
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