Everett Mayor Says He Holds Veto Power Over Potential Sale Of $2.4B Wynn Boston Harbor
One solution for Wynn Resorts in an ongoing Massachusetts investigation into its handling of allegations against former CEO Steve Wynn’s sexual misconduct is to simply sell off its enormous Greater Boston casino currently under construction. The project’s host city mayor says such a fix will not come easily.
Everett, Massachusetts, Mayor Carl DeMaria signaled his displeasure Monday over a hypothetical sale by Wynn Resorts of the $2.4B Wynn Boston Harbor to a new owner, as he was concerned the buyer would not maintain the scale of development promised by Wynn. DeMaria added his city’s agreement with the casino company included Everett having the right to block a sale, the Boston Globe reports.
A sale of the project would need approval from the Massachusetts Gaming Commission, and Everett would have to grant a transfer of its home city agreement to the new owner. Wynn Boston Harbor is expected to bring in $252M in pre-tax earnings its first year of operation. Massachusetts is forecast to earn $150M in tax revenue in the same time frame.
The MGC is underway with an investigation into Wynn Resorts even after Steve Wynn stepped down from his namesake company following a wave of sexual misconduct allegations against him. The MGC is still looking into Wynn Resorts to see how background checks came back clean before it granted the company a license to operate a casino outside Boston. It is also determining whether the company knew of the allegations before reports emerged in early 2018. Steve Wynn’s ex-wife has claimed she told the company of rape allegations against its former leader as early as 2009.
The MGC investigation could lead to Wynn Resorts getting stripped of its Massachusetts casino license. Earlier reports indicated the company was considering changing the name of the Everett casino, but Bloomberg reported Friday new Wynn Resorts CEO Matt Maddox was weighing a sale of the project. The New York Post later reported MGM Resorts was interested in buying the entire Wynn Resorts company.
Wynn officials have denied the MGM report and maintain the company is on schedule for a June 2019 opening of the casino in Everett.
