Wynn Resorts officials said at a Thursday meeting with the Massachusetts Gaming Commission that they plan to spend up to $850 million in mitigation payments and transportation improvements as well as payments in lieu of Everett taxes over the next 15 years.
Last September, the Las Vegas-based gambling operator won a casino license for the Greater Boston area or Massachusetts’ Region A as it is officially referred to. Wynn is to build a $1.7-billion hotel and casino resort on the bank of the Mystic River in Everett. The exact location of the property is a former chemical plant.
The gaming company needs to receive a number of permits in order to proceed with the actual construction of the property. On August 28, the Office of Energy and Environmental Affairs is set to announce its decision whether Wynn would be granted a Massachusetts Environmental Protection Act permit. If the operator is given this one, this would allow it to undergo other similar permitting processes.
As mentioned above, Wynn is planning to spend up to $850 million over the 15-year term of its gambling license. A total of $210 million will be expended on community mitigation. Of those, $125 million will be contributed to the hosting Everett community. Up to $76 million will be spent on improvements of the road infrastructure. Other transportation improvements would cost the operator the amount of $206 million.
Those include an Orange Line subsidy, water transport, and a shuttle. Wynn is to spend $7.35 million over the term of its 15-year license on additional Orange Line cars. Furthermore, it is planning to build a bicycling and walking bridge over the Mystic River, connecting the resort to Somerville.
Last but not least, the operator said at the Thursday meeting that it will contribute $358 million to the Everett coffers in lieu of tax payments.
As mentioned above, Wynn is to potentially receive an omnibus environmental permit. If this happens, the company would be able to resolve the dispute over the portion of land it recently purchased from the MBTA. The land in question as well as the money paid for it are currently in escrow. The exchange is expected to be completed soon after and if the umbrella environmental permit is awarded.
Wynn also said during the Thursday meeting that it will soon announce a bid for interested companies to perform the necessary cleanup of the site where the casino resort is to be located.
