Mayor Thomas Menino and casino developers agreed to a deal Tuesday that would give Boston at least $32 million annually and the East Boston neighborhood an additional $33.4 million upfront, if a Suffolk Downs casino is built, according to Boston Globe reporter Mark Arsenault.

Included in the deal are provisions that could substantially increase the annual payment to Boston if the $1 billion casino is highly profitable.

Casino developers project the Suffolk Downs casino to generate gross gaming revenue of $1 billion. If expectations are met, the casino would be required to pay $52 million annually to the city. The city would be owed $80 million if Suffolk Downs’ gross gaming revenue were to reach $1.2 billion.

Other provisions included in the deal are guarantees by developers to spend $50 million per year on goods and services in Boston. Developers would be required to spend $5 million of the $50 million on East Boston services.

The deal, long in the works, allows the Suffolk Downs proposal to reach a referendum vote, in doing so, Suffolk Downs has reinserted itself as a major player in the battle for the lone Greater Boston resort casino license.

Over the course of the past year, while Mayor Menino and casino developers, were locked in negotiation gridlock, Wynn Resorts seized momentum when they struck a deal with Everett. Wynn Resorts easily won the referendum vote.

Despite the lengthy delay, Mayor Menino and the casino developer’s timing could not have been better. Last night, Arsenault reported that Milford selectmen were close to agreeing on the framework of a deal that would bring a Foxwoods proposal to a town-wide referendum vote.

Milford selectmen are expected to meet next Wednesday to go over a more finalized Foxwoods proposal.

No date has been set for a referendum on the Suffolk Downs casino.

With the Foxwoods proposal expected to reach referendum, it appears more and more likely that Greater Boston will soon have a casino, one way or another.