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.

Encore Boston Wynn
Listen To Article

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.

Meanwhile, Wynn was also one of the operators that was given a new concessionaire licence in Macau, which will see it operate in the Chinese gambling hub for another decade.

It celebrated this by announcing its intentions to inject a further MOP 4.8bn (US$596.4m) into its Macau resort – thereby committing to the next 10 years, despite China’s highly damaging zero-Covid policy.



Casino News Sponsor
Premium+ Connections
Premium Connections
Executive Profiles
Wynn Macau
MGM Resorts Japan
Bloomberry Resorts Corporation
Sightline Payments

Global Gaming Awards Asia: What to expect in 2023

Gambling Insider looks ahead to the Global Gaming Awards Asi...

The power of the rebrand

With the help of industry experts, Gambling Insider Editor T...

Evolution Europe CEO Gionata La Torre: The Italian job

Evolution Group’s new CEO Europe, sits down with Gambling...

Big Question: How can slots innovate from here?

Simon Hammon, CEO of Relax Gaming, Erkki Nikunen, Partner &...

Read Magazine

30 March, 2023

Wilfred Wong: Macau “cannot just rely on gaming”

Sands China’s President and Executive Director, Wilfred Wong, has echoed earlier calls by the Chinese Government to diversify the gambling province of Macau.