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Best of Chris Sieroty

Gaming Guru

Chris Sieroty
 

Wynn signs option to buy land for Massachusetts casino

24 December 2012

Wynn Resorts confirmed Friday that it had executed a two-year option agreement to buy 30 acres of land in Massachusetts to build an urban gambling resort.

The waterfront parcel is located in the city of Everett, the Las Vegas-based company said. The site is known as the former Monsanto Chemical Co. property.

Terms of the deal signed Wednesday weren't disclosed.

Wynn Resorts' bid for the Greater Boston resort casino license puts the company in competition with Suffolk Downs, which has proposed a hotel-casino with partner Caesars Entertainment Corp.

Under state law, the Massachusetts gambling commission can issue up to three licenses for resort-style casinos, no more than one in each of three regions. The panel has set a Jan. 15 deadline for casino applicants to submit financial documentation and a $400,000 nonrefundable fee.

As of Friday, it was unknown whether Wynn Resorts had submitted an application and fee.

Shares of Wynn Resorts lost 77 cents, or 0.67 percent, Friday to close at $113.51 on the Nasdaq Global Select Market.