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Wynn Resorts to spend $90m extra in Boston

Inte

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rnational casino operator Wynn Resorts has announced that it plans to spend an additional $90m on properties surrounding its $2.4bn integrated resort which is currently under construction in the town of Everett, Massachusetts.

In a speech at the Greater Boston Chamber of Commerce, reported by the Boston Herald, Wynn Resorts' owner, billionaire Steve Wynn said: “We’ve spent over $75m 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 neighbourhood.”

Wynn Resorts are rumoured to be looking into properties in the nearby Lynde, Mystic, Bow and Thorndike streets near the Wynn Harbour resort and have reportedly already purchased several properties in the area. The purchases have been made through a number of Wynn subsidiary companies created during the last year.

The Everett development has been a controversial one, with Wynn Resorts facing lawsuits from nearby cities over potential corruption in the company's licence application and concerns from the local community surrounding the potentially negative impact that the finalised Wynn Harbour resort might have.

In a statement, Wynn Boston Harbour President Robert DeSalvio said: “Like any prudent developer, we have a responsibility to invest in our host community and play an active role in what will be built around us.

“We’re studying different options for the sites and will work closely with the city of Everett to bring even more vitality to lower Broadway.”

As a result of the delays in construction, initial cost estimates of $1.7bn have risen to $2.4bn with the final resort set to open in mid-2019. Wynn Harbour will occupy 3 million square feet and feature a hotel, retail locations and restaurants.


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