Las Vegas casino giant Wynn Resorts says it has been discussing various ideas for a 12-acre site across the street from its Encore Boston Harbor casino resort in Everett, Massachusetts.
The ideas include the development of an events arena, a boutique outdoor arts district, and new hotels.
In a recent quarterly earnings call, Matt Maddox, CEO of Wynn Resorts, said that they have been talking with a number of potential partners “because I think joint ventures could really work on that 11 acres for additional hotels […] and other entertainment offerings.”
Wynn Resorts launched its $2.6 billion integrated resort Encore Boston Harbor in the lucrative Greater Boston area this past June. The property features Massachusetts’ largest land-based casino with 3,158 slot machines and 143 table games, 671 hotel rooms, and various entertainment, retail, and food and beverage facilities.
Mr. Maddox said that his company is evaluating various proposals for the nearly 12-acre site near the resort Wynn quietly acquired, and that they are in no rush. The executive further pointed out that he thinks a larger entertainment district would boost Encore Boston Harbor’s casino revenues over the long term.
Wynn Resorts’ boss was not specific about the gaming revenue generated by their newest property over its first month and a half of operation, but noted that table games performed well. Of their slot machines performance, Mr. Maddox only said that Encore Boston Harbor is working hard to “understand the highly competitive slot market in the Northeast.”
According to information by the Massachusetts Gaming Commission, Encore Boston Harbor took in $16.8 million in gaming revenue during its first week of operation. July revenue figures that will include information about the property’s performance during its first full month are set to be released mid-August.
Boutique Arts District
Mr. Maddox’s recent comments re-establish Wynn Resorts’ intention to convert the undeveloped portion of land near its Everett resort into more hotels or an entertainment district. In previous comments, the Las Vegas casino giant’s boss has said that they plan to “continue to redevelop this area so that it’s known as the entertainment district in the Northeast.”
Everett Mayor Carlo DeMaria previously said that he, too, had vision for the area. Mayor DeMaria told the Boston Globe that he hoped Wynn Resorts’ next stage of expansion in Everett would include the addition of more hotel rooms, outdoor spaces, cafes and breweries, and displays from artists, among other things.
During the company’s earnings call, Mr. Maddox said that they have been approached by investors who proposed outdoor districts with “lots of various entertainment aspects, but on a more boutique level.” Wynn Resorts has also received proposals for the development of an arena for various events on the 12-acre site, it became known.
However, Mr. Maddox pointed out that it would be a lengthy process to materialize any of the proposals, as “the planning and permitting process does take quite a long time in Massachusetts.” For instance, the state legalized casino gambling in 2011, but it took more than seven years for its first full-scale casino resort to open doors.
That happened last August when MGM Resorts International cut the ribbon on its $960 million MGM Springfield hotel and casino resort in downtown Springfield.
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