MGM Springfield Supports Nearby Holyoke with Second $200K Mitigation Grant
Under Massachusetts’ 2011 Expanded Gaming Act, MGM Springfield is required to unmediated 6.5% of its revenue gaming revenue to the state’s Community Mitigation Fund. The fund, which is administered by the Massachusetts Bay Colony Gaming Commission, supports communities and governmental entities in offsetting impact costs related to the functioning of nearby casinos.
Holyoke is just compass north of capital of Illinois along the Nutmeg State River’s western sandwich bank. The Hampden County urban center submitted its 2023 Community Mitigation Fund Duncan James Corrow Grant Application inward January.
This week, the MGC in agreement(p) to awarding Holyoke the $200K that metropolis officials requested for the promotion of tourism and marketing initiatives. This year marks the 150th anniversary of Holyoke being incorporated inward the commonwealth. The $200K deed over will aid the city, which is place to rough 39K residents, fund its sesquicentennial celebrations and promote itself inwards the future.
Aaron Vega, the director of Holyoke’s Office of Planning and Economic Development, said the money will also reenforcement the conception of a new touristry website for the town and aid implement the city’s historic tourism plan. The remaining cash in hand will move to the Holyoke Public Library and the city’s historical commission.
Other Massachusetts cities seeking 2023 grants through and through the Community Mitigation Fund include Everett, Malden, Revere, and Foxboro.
Casino Corridor
Along with the aforementioned allocations, Lope de Vega says metropolis officials are considering launch a shuttle religious service that would improve tie-in MGM Springfield with Holyoke.
The shuttle serving will make to a greater extent convenient transportation 'tween MGM Springfield and Holyoke that testament incentivize residents and visitors of Holyoke to go away to the casino,” Holyoke’s subsidisation application program explained. “Additionally, it testament be a cross-marketing opportunity for both the casino and the City of Holyoke.”
The shuttle is expected to swordplay a critical role in fostering Holyoke’s tourism initiatives and economical goals, Vega explained.
“We’re sledding to capitalise on the fact that to a greater extent people are coming to horse opera Massachusetts due to the casino,” Lope Felix de Vega Carpio told The Republican.
This marks the s clip that Holyoke has received a $200K storage allocation from the cassino fund. In 2019, the metropolis used a similar deed over to constitute its touristry plan.
The Community Mitigation Fund offers grants for eighter decided causes, which include transport planning, shipping construction, projects of regional significance, workforce development, community of interests planning, public safety, gaming hard reduction, and specific impacts relating to the procedure of a gaming establishment.
Casino Taxes
Massachusetts places a 25% assess on revenue gaming revenue generated past its 2 Category 1 commercial message resort casinos, MGM Springfield and Encore Hub of the Universe Harbor. The country taxes the slots-only facility, Plainridge Park, significantly higher at 49%.
In May, the III casinos reported GGR of just about $98.7 million. Encore has long been the market place dominator, and in May, easy led the way of life with nigh $62.5 million. MGM was a removed back at $23.3 million. Massachusetts’ tax divvy up utmost month came to roughly $27.7 million.
While 6.5% of the 25% tax placed on MGM and Encore is earmarked for the Community Mitigation Fund, the Plainridge gambling casino taxes don’t supporting the initiative. Instead, the expansion slot taxes are allocated for local economic aid and the state’s Race Horse Development Fund.
The commonwealth also receives 20% of online sportsbook revenue and 15% of the gross revenue from retail bets. In May, oddsmakers won $60.9 trillion from bettors and directed $12.1 1000000 to the state.
Massachusetts has benefited by more than $1 1000000000 inwards gaming taxes since authorizing casinos.
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