Foxwoods MA Announces Financial Partner, Spinoff Company of Penn National Gaming

Correction: An earlier version of this report mischaracterized the nature of the financial support being provided by Gaming and Leisure Properties Inc.

Foxwoods Massachusetts has announced it has secured a financial partner to help build the proposed Milford resort casino: Gaming and Leisure Properties Inc., a newly formed spinoff company of Penn National Gaming.

It is a publicly traded company, under the symbol GLPI, on the NASDAQ stock exchange.

In a statement, Foxwoods MA CEO Scott Butera said the Massachusetts Gaming Commission is familiar with the proposed partner company, which has signed a letter of intent to finance the Milford casino.

“We’re pleased GLPI is interested in financing our project as we work to bring the best possible resort casino to Milford and the Commonwealth,” he said.

"We’re confident that GLPI’s financial support will help us bring our project to fruition, providing great financial stability in addition to social and economic benefits to the local community," Butera said. "This is a best case scenario for us as GLPI is a known entity to the Massachusetts Gaming Commission. Moving forward we are fully invested in the application process and committed to delivering what we set out to build — a world-class resort casino bringing jobs, revenue, property tax abatement and infrastructure improvements in the best possible location in the state of Massachusetts."

The casino development team also announced the new partnership would result in a $1 million scholarship fund for Milford students to attend college, including vocational avenues in gaming. The specifics were not described.

The information on the new financing was released about 90 minutes after the Massachusetts Gaming Commission announced it had voted unanimously to find Foxwoods Massachusetts approved for suitability for a resort casino license, with a host of conditions.

The conditions included finding a partner to provide the required equity for the development, and have that partner vetted through the commission by the end of December.

According to a Foxwoods spokesman, the new company would not be providing equity, but would provide the financing needed for the project. "It's not an equity deal but it fulfills the financing requirements," said Stephen Oakes.

Penn National Gaming sought a slots-only license in Tewksbury, and was found suitable for a license by the Massachusetts Gaming Commission. But voters in that town rejected the proposal Aug. 20. The slots-only license, for facilities that have electronic machines only, is a different license than the resort casino license sought by Foxwoods Massachusetts.

After voters in Tewksbury said no, Penn National joined the project to build a slots parlor in Plainville. Voters in that town approved the project in September.