Las Vegas casino operator Wynn Resorts is planning to spend almost $100 million in buying properties around Wynn Boston Harbor, the $2-plus-billion integrated resort currently under construction in the city of Everett, Massachusetts.
Steve Wynn, CEO of the major gaming and hospitality developer, shed more light on their investment plans for the properties surrounding their gambling resort. Cited by local media, Mr. Wynn said during a Wednesday Greater Boston Chamber of Commence meeting that they have spent more than $75 million so far in buying both commercial and residential properties around the complex and that these actually have nothing to do with it. It has also become clear that Wynn Resorts will lock several more deals of this kind in the coming months to cap the total investment to over $90 million.
Local news outlet the Boston Herald revealed that only a small portion of the above-mentioned $75 million represented finalized deals. However, it was also found out that Wynn Resorts has registered a total of 13 subsidiaries in Massachusetts in recent months and that those have expressed interest in buying properties in the area surrounding its multi-billion-dollar resort. According to public records, these subsidiaries have already purchased some of the properties the operator has been interested in.
Mr. Wynn said on Wednesday that being a prudent developer, they consider it their responsibility to contribute to the improvement of the area surrounding their massive development, hence the purchase of nearby properties. The gambling executive said that his company will invest additional funds and efforts into improving Everett.
Wynn Boston Harbor Opens Doors in Mid-2019
Wynn Resorts was selected as the preferred bidder for the construction of a commercial casino resort in the Greater Boston area back in 2014. In early 2015, the company finalized the purchase of a plot of land on the bank of Mystic River in Everett. Construction was expected to begin shortly after, but was delayed as the developer was unable to obtain all the necessary permissions in as quick manner as it had hoped for.
Wynn Resorts also faced multiple lawsuits from surrounding cities, including Boston, with those arguing that the process that secured the operator with its Everett casino license was corrupt. Communities around Everett also argued that the construction of the integrated resort would have quite a negative impact on traffic and the environment and that Wynn Resorts should invest more finances and effort into mitigating the adverse effects.
Construction eventually began in August 2016, after the last of the lawsuits against the Las Vegas developer was dropped. The resort is scheduled to open doors in mid-2019. Wynn Boston Harbor was originally billed as a $1.7-billion investment, but Wynn Resorts later on upped the project’s cost to over $2 billion. The property will occupy 3 million square feet along the Mystic River bank and will feature multiple accommodation, retail, entertainment, and food and beverage amenities as well as a full-scale casino.
