Wynn Resorts to Spend $100 Million on Land Near Boston Harbor Casino Project
Las Vegas-based Wynn Resorts has announced that it plans to spend nearly $100 million in order to purchase properties neighboring Wynn Boston Harbor, which is a $2-plus billion integrated resort under construction near Everett, Massachusetts.
CEO Steve Wynn detailed the company’s new plans during a Chamber of Commerce meeting in Boston on Wednesday. Wynn said that they have already spent over $75 million to purchase commercial and residential properties near the current complex. Wynn is also looking to secure several more similar deals over the next few months, which will bring the total amount invested to over $90 million.
Wynn Trying to Help Everett
Wynn said, “We’ve spent over $75 million as of today…on our way to $90 million, to buy real estate that has nothing to do with the casino development. It’s property that we’re buying so that we can turn Everett into a great example of America, of how a business can change a neighborhood.”
The Boston Herald reported that only a small segment of the aforementioned $75 million represented completed deals. It was also discovered that Wynn Resorts has also registered 13 subsidiaries in Massachusetts over the last several months. Said subsidiaries have also shown interest in purchasing properties in the area surrounding the resort. Public records indicate that the subsidiaries have already bought some of the properties in which Wynn has shown interest.
Wynn went on to say that it is the developer’s responsibility to help improve the area around the resort, which explains the purchase of the neighboring properties. Wynn will continue to invest funds into improving the Everett area.
Wynn Resorts was initially chosen as the preferred bidder to build a new casino resort near Boston in 2014. The company finalized the purchase of a plot of land on the bank of the Mystic River in nearby Everett in early 2015. Construction was slated to begin shortly after the purchase had been finalized, but it was delayed because Wynn struggled to obtain all necessary permissions as quickly as it had hoped.
A number of lawsuits from surrounding cities, including Boston, further delayed the operation from getting fully underway. Those lawsuits argued that the process that led to the deal between Wynn Resorts and the city of Everett were corrupt in nature. Areas near Everett also tried to say that the new resort would cause traffic problems as well as environmental issues in the area. Those that filed suits believed that Wynn should have had to invest more finances into mitigating those negative effects.
After all of the delays, however, construction finally began in August of 2016 after the last of the lawsuits was dropped. The new project is scheduled to open its doors for the first time sometime in mid-2019. The cost of the project was initially estimated to be somewhere in the neighborhood of $1.7 billion, but add-ons have upped the cost to about $2.4 billion.
Wynn Boston Harbor will take up three million square feet of space along the bank of the Mystic River, and it will additionally feature a slew of lodging, dining, entertainment and retail amenities in addition to the traditional land-based casino.
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