Wynn Resorts Buys More Property in Boston

Wynn Resorts is a Las Vegas casino operator with a plan for Boston harbour. Currently, they are building a brand-new integrated resort in Boston. So, their plan to spend US$100 million (CA$128 million) on properties around their US$2 billion (CA$2.5 billion) resort is a little early. The resort will only be opening in mid-2019, but at least 13 Wynn Resorts subsidiaries have bought properties around the site.

These registered subsidiaries have only recently been registered in Massachusetts. However, Wynn Resorts claims that it is their ‘responsibility to contribute’ towards improving the area around their multi-billion dollar resort in Everett. The city of Everett lies four miles (±6 km) north of Boston in the state. Unfortunately, Wynn Resorts has faced massive backlash since they started planning the resort in 2014.

Wynn Resorts Boston Harbour CA

Wynn Resorts License is ‘Corrupt’

The company was selected as the ‘preferred bidder’ for the commercial casino resort in the Greater Boston area in 2014. In 2015, they finalised a deal for the location of the resort on the banks of the Mystic River. Construction was delayed because of permissions for building and multiple lawsuits against how they secured a gaming license.

Cities close to Everett claimed that the process they followed to obtain a license was ‘corrupt.’ They also claimed that the resort would have a ‘negative impact on traffic and the environment.’ According to reports, they wanted Wynn Resorts to spend more money on reducing these effects for residents. Their plan to buy properties around the resort seems to be a move in the right direction.

Properties in Everett

Wynn Resorts told the Greater Boston Chamber of Commerce in a meeting that they had already invested US$75 million (CA$96 million) into properties. This amounts to 75% of their planned budget for the area in finalised deals. More so, they plan to close more deals in the following months to cap that amount over US$90 million (CA$115 million).

They started construction of the three million square foot property in 2016. The resort is expected to have multiple entertainment, food and beverage, and accommodation facilities. Additionally, they plan to have a full-scale casino in operation by the end of 2019. From the artist renderings, we think this will be a beautiful addition to the area. However, we’d still like to see what they have planned for the surrounding areas they’ve bought.