Wynn Resorts has already started its plans to build an enormous entertainment building on the other side of Boston Encore Harbor in Massachusetts. This comes after the Everett Planning Board approved Wynn`s plan last week. However, Wynn wants to add several other things to its plans if the city council agrees with that plan.
Wynn`s initial plan was to develop a $1.8 billion all-entertainment venue. But, it also wants to add a poker room and a retail sportsbook venue once the Massachusetts Gaming Commission approves it.
Details of the Expansion Project
Wynn plans to divide the expansion plan into three phases. The first phase will include building a 200-seat comedy bar, a roof deck day club, a night club, a sportsbook, a poker room, 980-seat Theater, and a parking lot for 2,100 vehicles.
The second phase will include building a 500-room hotel and another with 300 rooms. Each will have its own restaurants, ballroom, 450-slot parking lot, and retail area.
Wynn will complete the last phase by building a two-story building with shops and restaurants. This complex will connect to Boston Encore Harbor through a small bridge over Broadway Route 99.
According to Matt Lattanzi, the planning director of Everett, the first project phase will generate $3.6 million yearly from property taxes. The second phase will even generate more because it is more lucrative. Experts predict it might generate $10.8 million yearly in property taxes and $3 million in lodging taxes.
Big Night Entertainment Group to Take Charge
Boston Encore Harbor was the first gambling facility to obtain a betting license for its retail sportsbook. Wynn hopes to apply for another retail license for its other retail sportsbook across Boston Encore. It will also run the sportsbook and poker room.
Meanwhile, Big Night Entertainment Group will be in charge of other operations. The group will move its Memoire Night Club from Boston Encore to the new entertainment complex. Meanwhile, its current space will pave the way for the overhead passageway.
Wynn plans to hire 800 new employees. This is according to the company’s general counsel Jacqui Krum. Big Night Entertainment Group will hire 500 people to work on a per-hour basis.
The Expansion Plans Comes After the Real Estate Assets Sales
Wynn just transferred the ownership of the real estate assets of Boston Encore Harbor. The company sold the assets to Realty Income for $1.7 billion in a Sale-Leaseback agreement. Ideally, the Boston Encore Harbor belongs to Realty Income, but Wynn retains the operations rights.
Wynn will continue to run the casino under a lease agreement worth $100 million for the next 30 years. It will also have the option to extend the lease agreement for another 30 years.
The company will also pay rent, which might increase by 1.75 percent during the first ten years. It will only increase up to 2.5 percent for the remaining 20 years.
Realty Income owns other assets under long-term lease agreements. But, Boston Encore Harbor was its first gambling property to acquire.
Meanwhile, this transaction is beneficial to Wynn. The gambling operator gained the finances needed to expand its project across Boston Encore Harbor in Everett.
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