REVERE — Following a flurry of last-minute negotiations, Mayor Dan Rizzo signed a casino deal with Suffolk Downs Wednesday, clearing the last hurdle before the track’s casino plans can move forward to public referendums in Revere and in East Boston.
The city of Revere is expected to post the agreement on the Internet Thursday, but John V. Festa, the city’s director of economic development, explained in an interview beforehand that Revere would receive a percentage of the facility’s gambling revenue, if Suffolk Downs wins the sole Greater Boston resort casino license.
The potential payments change year to year under a complicated formula that the city estimates would send about $15 million per year to Revere, Festa said. If the resort casino does not hit expected revenue targets, he said, the city would receive guaranteed minimum payments that range from about $4.25 million to $9 million per year.
Along with the annual payments, Suffolk Downs has also committed to spending $7.5 million annually at Revere businesses, according to a statement from the track. At a brief ceremony Wednesday afternoon at City Hall, Rizzo called the agreement “an extraordinary deal.”
Suffolk Downs principal owner Richard Fields said at the event that track officials are “very, very excited to be part of the transformation of this city and the region.”
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