Wynn Resorts Could Be Negotiating A Sale For Its $2.5B Boston Casino
Although it walked away from sale talks earlier this year, Wynn Resorts might be back in negotiations to sell the massive casino it is building just north of Boston.
Informal talks were held between Wynn Resorts CEO Matt Maddox and an undisclosed party about selling the $2.5B, 3M SF Encore Boston Harbor in Everett, Massachusetts, Focus Gaming News reports. While the casino is scheduled to open in June 2019, it has been under scrutiny following a wave of sexual misconduct allegations against former Wynn Resorts CEO Steve Wynn.
The Massachusetts Gaming Commission has been investigating the claims against the former leader, who was at the helm of the company when it was awarded the only casino license for the Greater Boston region in 2014. The regulatory body is also considering how much the company’s board knew about Wynn’s alleged behavior and if it tried to cover it up during its negotiation for the license. The MGC could strip the company of the license and is expected to announce its decision in late September, MassLive reports.
Wynn was reported to be in talks this spring with MGM Resorts, which is opening a casino in Springfield this week, and Caesars Entertainment. Wynn was said to have walked away from those discussions after the potential buyers offered less than what the company was seeking in a deal.
Even if the latest discussion is more successful, the company could face opposition from Everett Mayor Carl DeMaria. The mayor indicated during the sale talks earlier this year that he held veto power over a potential sale and would exercise it if the buyer didn’t maintain the scale of development promised by Wynn.
