Company withdraws proposal for casino

Masachusetts – In New Bedford, KG Urban Enterprises company that planned to build a casino in the coastal zone is withdrawing from the competition for the state license for a casino. A company representative said he could not get the financing for the project of $ 650 million. New Bedford Mayor Jon Mitchell said that while KG Urban’s casino proposal was never a “be-all, end-all” for economic development and job growth in the city, the sudden loss of an opportunity for thousands of jobs and $12.5 million in annual payments from the developer, among other agreements, was a “very big and unexpected setback.”