KG Urban Gets Till June 9th To Submit Financial Info

The firm planning a waterfront casino in New Bedford is getting more time to get its financial house in order.  The Massachusetts Gaming Commission passed a motion Thursday requiring KG Urban Enterprises to submit a firm signed by all its financial partners to the commission by 5 p.m. on June 9.

During Thursday's meeting KG Urban's managing director Andrew Stern argued the deadline should be extended several months, saying the extra time was needed due, in part, to the amount of time it took secure a host community agreement with Mayor Jon Mitchell. However, Commissioner Enrique Zuniga said he wasn't buying it, saying KG Urban had more than enough time to secure financing.  "You've had three years to put at least a general financing piece, you know the equity piece together, and you still don't have a signed term sheet," said Zuniga.

But other commissioners said there had been substantial work on the New Bedford plan.  The Commission voted to extend the deadline to June 9, but If KG Urban does not submit the necessary information by then, their application will be considered not substantially complete.