Wynn sells Encore Boston Harbor real estate assets for $1.7bn
Wynn has completed the sale of its land and real estate assets in the Encore Boston Harbor for $1.7bn.
The buying company is Realty Income Corporation, which will still allow Wynn to operate Encore Boston Harbor via a triple net lease agreement worth $100m over thirty years, which has another thirty-year renewal option.
Wynn states that: “The rent will escalate annually at a rate of 1.75% for the first ten years and the greater of 1.75% or CPI (capped at 2.5%) over the remaining initial lease term.”
The deal has received all regulatory approvals, while Wynn says the proceeds from the sale will ‘further strengthen the company’s global liquidity position to $4.4 billion.’
The news comes after Wynn partnered with Related Companies, signalling its intent to build a casino on the Hudson Yard complex in Manhattan.
The western railyard, a 28-acre plot in New York City, is a piece of real estate hotly contested in the Big Apple, as the race to put a casino resort on the island of Manhattan begins to intensify.
Now Wynn has announced its partnership with Related, the starter’s pistol has been heard, though the state Gaming Commission has not called for proposals yet.
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