Cordish optioned land owned by Bruce Arakelian, the current site of Vision Max theater complex and Sylvan Street Grille, he said. Its location, near Interstate 495 and 95 and within a short drive of Lowell, Lawrence, Methuen, Haverhill and southern New Hampshire, make it a choice spot for the regional facility, Snyder said. In addition, he added most of the infrastructure needed is already in place, for the land is already developed on a four-lane, busy secondary state highway, with water and sewer available.
“We do only world-class venues,” Snyder said. “This would have enormous benefit for the town and the state.”
The money involved is considerable, for if chosen, Cordish will pay a $25 million licensing fee to the state, also paying into Massachusetts coffers what’s equal to 49 percent in state taxes on every dollar earned at the slots, he said.
In addition to hosting agreement revenues, Cordish would pay local property tax and all normal fees, Snyder said, while also contributing to local charities, and helping the economy grow through jobs, while creating new or increased opportunities for other local businesses.