Revere Mayor Dan Rizzo's office announced on Monday morning that an agreement between both sides had been reached and that a news conference was scheduled for late Monday afternoon. Rizzo would be joined by officials from Mohegan Sun and Suffolk Downs, where the casino would be located.
Details of the agreement were not made public, but Rizzo has previously said he expects the city will get more than the $15 million expected from the original agreement.
The new agreement is necessary after plans for a resort casino at the racetrack changed.
After voters in East Boston rejected an agreement and Revere voters approved of it, Suffolk Downs officials partnered with Mohegan Sun and shifts the casino onto about 42 acres located on the Revere side of the track. Suffolk Downs stretches into both East Boston and Revere.
Because the casino is now located entirely in Revere, both sides negotiated a new agreement that will have to be voted on.