Up in Everett, Massachusetts, just outside of Boston, Las Vegas based Wynn Resorts is just putting the finishing touches on a brand new $2.6 Billion Casino and Hotel on the waterfront. It’s called ‘the Encore Boston Harbor’ and apparently has been sold before even opening its doors to the public.
The Encore Boston Harbor, in its entirety, will soon be sold to arch rival MGM Resorts International according to the latest reports out of Boston.
Wynn Resorts obtained the necessary licenses and permissions to build the massive 671 room Hotel and Casino on Boston Harbor in Everett back in 2013 and started construction on the waterfront facility at once. Opening day has been set for the mid June but could be delayed in light of these latest developments.
It will be interesting to watch how this works out as MGM already has an operating Casino over in Springfield and the Massachusetts Gaming Commission forbids any one company from obtaining more than one gambling license within the state.
There is a bit of sordid history between the members of the Massachusetts Gaming Commission and former chief executive officer for Wynn Resorts, Steve Wynn which ended up costing Mr. Wynn a cool $35 million in fines after the Resort was found to have failed to disclose allegations of sexual misconduct against the former CEO.
Wynn Resorts might just have good reason to be getting out of the area as the Massachusetts Gaming Commission has also levied an additional half million dollar fine against its new CEO Matthew Maddox.
Both Wynn and MGM have affirmed that these negotiations will not affect anyone’s jobs nor delay the grand opening of the Encore Boston Harbor. In a joint statement to the press the two sides allowed, “Over the past several weeks, we have engaged in conversations around the potential sale of Encore Boston Harbor,” the companies said in the statement. “They are very preliminary and of the nature that publicly traded corporations like ours often engage in…..however we can reaffirm our commitment to the communities where we operate today”.
Which all sounds a lot like corporate ‘mumbo-jumbo’ and really says nothing at all. What seems apparent is that Wynn Resorts has used up all the good faith the state of Massachusetts has to offer and will soon be moving on to greener pastures.
