Wynn Resorts has decided to keep the 3 million-square-foot casino-resort that it is building in Everett on the banks of the Mystic River.
The Vegas-based company—which has been in upheaval since sexual assault and harassment allegations against its namesake and founder surfaced in January—had met separately recently with rivals Caesars Entertainment and MGM Resorts about buying the project.
It turns out, though, that both suitors offered to buy it for less than the approximately $2.4 billion that Wynn plans to spend building it. So no deal.
The decision is a risk for Wynn. State gaming officials are probing whether it is suitable for Wynn to hold a gambling license in Massachusetts given the history of its founder (with whom the company has severed ties; and it recently renamed the project Encore Boston Harbor from Wynn Boston Harbor).
Should the state strip Wynn of its license, the company would be forced into a distressed sale of the Everett project—and beggars can’t be choosers, etc. The company could end up with an even lower offer.
Meanwhile, construction continues apace toward a planned June 2019 opening.