Friday October 18, 2019
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MGM Springfield Is Now Open For Business

The MGM Springfield will no doubt provide a great economic boost for Massachusetts

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MGM Springfield
MGM Springfield Is Now Open For Business.

You might think that online gambling has taken over from bricks and mortar casinos but actually this is far from the case. The casino industry continues to thrive – in America last year, casinos generated a record $40.28 billion. This week there has been another welcome addition to the industry, the MGM Springfield in Massachusetts. This enormous casino resort which cost a reported $960 million opened its doors on Friday 24th August to enthusiastic gamblers, with their stakes ready.

An Experience For The Senses

MGM have taken a detailed look at the psychology of playing casino games when designing The Springfield. There is limited natural light and windows, and no clocks, so that you can’t tell what the time is – you are more likely to linger longer and lose track. The first visitors spent six hours exploring the 125,000 square foot casino, that comes complete with 2,500 slot machines. There are also 120 gaming tables, featuring all the popular casino attractions  poker to blackjack.

It’a more than just a casino however. The Springfield boasts restaurants shopping and entertainment. It is a one stop shop for the community, and is expected to draw in 15,000 visitors every day. The inauguration ceremony was certainly something to behold, there was an enormous parade around the city, featuring a local celebrities, a marching band, and a procession of Budweiser Clydesdale horses. It was a true spectacle, but then there are many reasons why Springfield has reason to celebrate with the opening of this casino.

MGM Springfield
MGM Springfield at Massachusetts.

The benefits to the community 

The MGM Springfield is set to provide a massive boost to the local economy. It took three and a half years to build, providing work to a vast number of local businesses, from engineers to electricians. Now that the casino resort is finally open, it is employing over 3,000 members of staff, it has been estimated that 35% of Springfield residents will be employed at the MGM. Massachusetts City received $15 million from the company as part of the agreement to build. They are also reported to benefit from the resort to the tune of $25 million a year. This is an immense income that could benefit the city and those living there in other ways.

Future developments

MGM spokesman Severus Mancini has confirmed that even after opening weekend, the Springfield casino will continue to draw in large crowds. To add to the excitement, there will be a brand new seven screen Regal Cinema opening at the resort next month, drawing in families to catch a movie and then grab some dinner. There are also plans for some incredible live music acts to play, bringing more crowds and income to the area. Stevie Wonder is playing on 1st September. Here’s hoping that he plays Celebration for Springfield.

Bricks and mortar casinos are alive and well – and whatsmore, they are attracting bigger crowds than ever. The MGM Springfield will no doubt provide a great economic boost for Massachusetts.

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How to Extend Your Business Abroad

Starting a business or expanding an existing one is now easier than ever, considering the multiple options their owners have

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Business
Starting a Business or expanding an existing one is now easier than ever. Pixabay

Starting a business or expanding an existing one is now easier than ever, considering the multiple options their owners have in terms of structures they can employ and even countries they can choose from. While the creation of a new company is usually simpler, the expansion of a business abroad will imply more financial resources directed to finding suitable premises, offices, employment and even production.

When it comes to the structures to be used for expanding a business abroad, the branch office and the subsidiary are the most employed. The creation of a subsidiary in Malta, for example, implies registering a local company which benefits from the same advantages as domestic businesses.

Let’s see what the expansion of a business through these two options implies.

The subsidiary company as an expansion option of a business

The subsidiary will usually be used by foreign companies seeking to develop other activities in the country it will move to. Among the advantages of this structure, we can mention the possibility of choosing the structure under which the business will operate which can lead to an easier incorporation procedure. Referring to the example above, starting a company in Malta under the form of a subsidiary can help investors operate under a limited liability company which is a popular business structure in countries all over the world.

There are also various tax advantages when operating a foreign business under a subsidiary company abroad. Among these, being subject to the same corporate tax, which in certain countries is lower than in the parent company’s home state, can represent a huge benefit when expanding it.

Setting up a branch office in order to expand a company

Compared to the subsidiary, the branch office offers the parent company more control over its activities. This is because the branch office will operate as a satellite of the foreign company, but will also be restricted to completing the same activities of the parent business.

The advantages of the branch office usually refer to more relaxed registration and licensing requirements and cheaper incorporation costs.

Expanding a company in a foreign country is a solution often employed by business owners seeking to diversify their activities and expanding their operations to clients abroad. The advantages of such a decision are often related to increased revenues and also to capitalizing on markets which do not offer the foreign company’s products or services.