Penn National, under a formal agreement with the owners of the Paramount Theater, will help revitalize and lease the Main Street venue.
SPRINGFIELD — Penn National Gaming, proposing a casino in the North End of the downtown, announced on Friday that it has signed an agreement with the owners of the Paramount building on Main Street that will lead to major renovations of the theater.
The agreement was signed with the New England Farm Workers Council, the property owner, said Eric Schippers, senior vice president of public affairs at Penn National.
The agreement includes financial support for the restoration project and a lease agreement that will allow Penn National to use the venue for live entertainment shows, officials said. The Paramount was built in 1926, and was purchased by the Farm Workers Council and its president, Heriberto Flores, three years ago for approximately $1.72 million.
“Penn National came to us early on in the process to include us as partners in their proposal to revitalize Springfield,” Flores said in a prepared release. “We are excited to have a signed agreement that will revitalize the Paramount Theater and bring a diverse group of entertainers that will appeal to not just one segment of our city, but to all our citizens.”
Schippers said the revitalization of the Paramount is considered an important component of Penn’s planned “ripple effect” of its Hollywood-Springfield casino project linking the North End casino and downtown core. The specific financial contribution and further details of the lease agreement were not released.
“Our proposal is the only one that has involved the local minority community at this level, and we are incredibly proud to be associated with an organization that is such a powerful and effective voice for the Latino community in Springfield,” Schippers said.
The Massachusetts Gaming Commission will grant up to three casino licenses in the state, including one casino designated for Western Massachusetts. MGM Resorts International is proposing a casino in the South End of Springfield, and casinos are also proposed in Palmer off the Massachusetts Turnpike and in West Springfield on the grounds of Eastern States Exposition.