Wynn Resorts buying $100m in real estate surrounding casino

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Wynn Resorts Limited will reportedly spend somewhere in the neighborhood of $100 million to purchase properties in surrounding its Wynn Boston Harbor Resort in Everett, to help improve the host neighborhood, the Boston Herald reports.

Speaking at the Greater Boston Chamber of Commerce on Wednesday, Wynn Resorts’ CEO Steve Wynn reportedly stated that the company has spent more than $75 million to date and that they will be growing that to $90 million to purchase real estate that has “nothing to do with the casino development.” Wynn explained, they are buying the property in order to transform Everett “into a great example of America, of how a business can change a neighborhood.”

After clearing a number of legal hurdles, construction began on August 3, 2016, on Wynn Boston Harbor Resort in Everett. The $2.4 billion five-star luxury resort will reportedly offer about 600 luxury guestrooms and suites in classic Wynn style, along with a 150,000 square foot casino set on the banks of the Mystic River. Wynn is reportedly targeting a small cluster of properties near the casino entrance and include both residential and commercial properties.

According to public documents filed with the Secretary of State in Massachusetts, during the past six months, Wynn Resorts have reportedly registered 13 subsidiary corporations, the sole signatory of which is a Wynn executive.  Only a fraction of the $75 million represented finalized sales as shown in public records, including properties on Mystic and Lynde streets. Other streets of interest for the company are reportedly Bow and Thorndike streets.

In a statement, Robert DeSalvio, President of Wynn Boston Harbor, 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.” DeSalvio added, “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,” according to the Boston Herald.

Wynn Resorts buying $100m in real estate surrounding casino was last modified: November 2nd, 2017 by Alex Lanter