CASINO

Steve Wynn signs lease for Massachusetts site, casino application likely to follow

TAGs: Business, Casino News, Massachusetts, Steve Wynn

Steve Wynn not stepping downSteve Wynn‘s second go-round to build a casino in Massachusetts took another step forward after the casino mogul officially secured a 14-month lease on a plot of waterfront land in Everett, Massachusetts, which incidentally, is also the site of a former chemical factory.

Wynn’s first attempt to build his ginormous casinos was scrapped after he backed down on a partnership with New England Patriots owner Robert Kraft to build one in Foxborough, citing the strong local opposition as his reason for doing so.

But now that an opportunity has presented itself again, Wynn is jumping at the bit to secure a casino license available for the Greater Boston Area, where he’s planning to build a $1 billion casino complete with the kind of plush amenities his previous resorts, including the Bellagio and the Mirage, have come to be known more. With the lease apparently secured, it’s expected that Wynn will officially submit an application, something echoed by Wynn consultant and ML Strategies senior vice president Nancy Sterling during a community meeting earlier this week.

“It looks like we’re headed that way,” Sterling said, referring to Wynn filing an application in the state.

During the same meeting, Everett Mayor Carlo DeMaria Jr. told the gathered crowd about the possibility of Wynn putting up an application. “What we do now is negotiate a host agreement,” he said, outlining certain benefits the community stands to gain if they welcome Wynn with open arms.

The Everett mayor also announced that should the state grant Wynn the license, the latter would set into motion the move to acquire the FBT Realty Inc.-owned 37-acre site on the Mystic River, the prospective site where the billion-dollar casino is expected to rise.

The only competition standing in the way of Wynn finally kneeling down and kissing Massachusetts soil is Caesars Entertainment, who’s now in bed with Suffolk Downs to build its $1 billion casino in the latter’s East Boston racetrack. It was widely believed that Caesars had all but locked up the Greater Boston Area license, but now that Steve Wynn has entered the picture, that could put a huge monkey wrench on Caesars’ plans. Wynn has until January 15 to file their application and pay a $400,000 application fee, a process Caesars Entertainment already accomplished a few months ago.

The Greater Boston Area is one of three locations in the state where a casino is up for grabs. Penn National Gaming and MGM Resorts International have locked horns again vying for the Western Massachusetts slot while the Southeast license appears to be headed to a Massachusetts Indian tribe, provided they get their paperwork and financing in order.

 

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