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Best of Chris Sieroty

Gaming Guru

Chris Sieroty
 

Wynn Resorts announces casino deal in Massachusetts

29 April 2013

LAS VEGAS -- Wynn Resorts, Limited would make $30 million in advance payments to the city of Everett, Mass., and more than $25 million annually once a proposed casino opens for business, according to a host community agreement released Thursday.

The agreement also calls on the Las Vegas-based gaming company to complete the cleanup of the former Monsanto chemical plant and give preference to Everett residents in the hiring of an estimated 8,000 construction and permanent workers. Wynn Resorts is also expected to pay $2.5 million per year in hotel and restaurant taxes. The agreement must be approved by city voters in a referendum scheduled for June 22.

“This agreement, the first in the region, marks a significant milestone for the company and brings the project one step closer to fruition,” Wynn Resorts said in a statement. “We are pleased that we have taken this major step in bringing a Wynn Resort to Everett and believe that this host agreement treats Everett residents fairly and will benefit the city for generations to come.”

No payments would be made to the city unless the state’s gambling commission approves Wynn over two other competing bids for a single casino license in eastern Massachusetts under a 2011 law. The Suffolk Downs racetrack and its partner Caesars Entertainment Corp., and Crossroads Resort, which is working with Las Vegas-based Warner Gaming, have also made proposals.

According to the agreement with Wynn Resorts, Everett officials will assist the project in obtaining permits, certifications, legislation and regulatory approval. The agreement also calls on the city to lobby state gaming officials for available funds, and pursue development and approval of the Municipal Harbor Plan.

“As a city councilor representing the area in which we hope to build a first-class casino, I’m pleased to be involved in this groundbreaking project, which will assist in the continuous restoration efforts of our city,” Everett City Councilor Mike McLaughlin said.

Wynn Resorts has proposed a $1.2 billion resort-casino on a 37-acre former industrial site on the Mystic River in Massachusetts. A rendering of the plan released last month showed a 19-story hotel and casino with restaurants and retail shops along a riverwalk.

“We look forward to the successful outcome of the referendum and have formally requested to hold an election on June 22,” Wynn Resorts said. “We appreciate the community’s cooperation as we continue our pursuit in building this magnificent resort
Wynn Resorts announces casino deal in Massachusetts is republished from Online.CasinoCity.com.