Wed, May 22, 12:22pm by Staff Writer
Wynn Resorts executives are in talks about a possible sale of its yet-to-be-opened $2.6 billion casino just outside of Boston to MGM Resorts, Forbes reports.
The two company’s released a joint statement announcing the news last Friday.
In early May, Wynn chief executive officer Matt Maddox and MGM chief executive officer Jim Murren met in person in Las Vegas to explore the possibility of a sale.
“Over the past several weeks, we have engaged in conversations around the potential sale of Encore Boston Harbour,” the statement reads.
The companies add that the talks are “very preliminary” and the casino giants do not know “where these conversations will lead.”
Encore’s licence is the only one the state will allow in the Boston area, making it highly desirable.
MGM, on the other hand, owns the only casino licence for Western Massachusetts for its Springfield location.
According to Massachusetts law, a company can only hold one casino licence.
MGM did not comment, but if it buys the Encore casino, it would have to sell its licence for a casino in Springfield, Massachusetts.
The chief executives of casino giants Wynn Resorts and MGM Resorts are discussing a possible sale of Wynn’s nearly finished casino and hotel complex in Everett, Encore Boston Harbor, to MGM. https://t.co/DFZGuHQOUk pic.twitter.com/GIGLhMG6H8
— The Boston Globe (@BostonGlobe) May 17, 2019
Wynn Resorts’ newly developed Encore Casino in Boston Harbour is set to receive guests from June 23, Casino Buzz reports.
It was just last week when the gambling and casino operator was slapped with a fine by the Massachusetts Gaming Commission following an investigation into the sexual misconduct allegations on the former Wynn Resorts CEO, Steve Wynn.
The Age reported that the Massachusetts Gaming Commission fined the company US$35 million and current CEO Matthew Maddox US$500,000 for his ‘clear failure’ to require an investigation of at least one misconduct complaint he’d been aware of.
It also required the Nevada company, which also owns properties in Las Vegas and Macau, to be subject to review by an independent firm selected by the state as a condition of maintaining its licence.
Wynn Resorts and lawyers for Steve Wynn didn’t respond to emails seeking comment on the late evening decision, which effectively clears the way for the opening of the company’s US$2.6 billion Encore Boston Harbour resort in June.
The long-awaited decision comes after the commission released a report last month of more than 200 pages, held tree days of public hearings and deliberated for nearly four weeks on what company officials knew and did about the allegations.
Steve Wynn has denied the claims, saying his relationships with female employees, many of them spa workers and cocktail waitresses, had been consensual.
The new luxury gambling venue hosts 3,000 gaming machines, several gaming tables, around 15 different multi-cuisine restaurants, an oyster bar and craft beer garden.
The facility will also have a 27-storey hotel to accommodate guests willing to stay overnight.
It also has a spacious convention hall and a big casino floor.
The head of Wynn Resorts’ design and construction wing Peter Campot said, “we are essentially on schedule and we expect to be in excellent shape by June 1.”
“All of the slot machines are on the floor now, and I think all of them are installed and we’re also installing gaming tables throughout. So if you walk through the facility right now, it looks like a casino, which is pretty neat,” Campot said.
The company is expecting to host 8 million guests annually at the upcoming casino and resort.
Encore President Robert DeSalvio said that it hadn’t been easy to put everything together and that it had taken much effort to get the best from the situation.
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