KG Urban Submits Financial Term Sheet To Gaming Commission

KG Urban Enterprises, the New York-based firm hoping to build a resort casino on New Bedford's waterfront, has cleared its latest financial hurdle.

According to spokesman Andrew Paven, KG Urban has submitted a signed term sheet between itself and GLPI to the Mass. Gaming Commission. Commission chair Steven Crosby had said last month, if KG Urban didn't meet Tuesday's deadline, they would be out of the running for the Southeastern Mass. casino license.

The Commission is scheduled to discuss the "Region C" license at its meeting on Thursday.  Details of the term sheet have not been made public.