Wynn Strikes Deal for Massachusetts Casino
Steve Wynn got a step closer to building one of his luxury hotel and casino properties in the city of Everett, Massachusetts this week, as it was announced that he has reached a deal with that city to develop a polluted parcel of land along the Mystic River that was once home to a Monsanto Chemical plant.
Wynn plans to construct a 19-story tower that will feature hotel rooms, a casino, conference spaces, and the luxurious dining, shopping and spa facilities for which has has become famous. He has said he plans to spend about $1.2 billion in the construction of the resort. The mayor of Everett, Carlo DeMaria Jr, said that revenue generated by the casino was expected to increase the city’s tax revenue by about a third.
“We’re excited to bring this to the residents. We think we’ve struck a good deal for the community,” Mayor DeMaria said this week as news of the deal with Wynn broke.
The Wynn Company released a statement that said in part, “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.”
Wynn has promised to build what it says will be the finest hotel in the Boston area, with commanding views of the skyline. The company also will take on the task of cleaning up the polluted site, an undertaking that was unlikely to happen in the absence of Wynn’s development of the parcel, the company warned during their application process for the casino license.
As part of its deal with the city, Wynn will pay a one time $30 million fee to a “Community Enhancement Fund” that will be used for capital improvements in the area, with the bulk of the funds likely to be devoted to such things as police and fire stations. Wynn will also fund and distribute $50,000 worth of vouchers for area restaurants and other businesses to its patrons, said the mayor.
To assuage resident concerns about increased traffic volume and related issues, Wynn will pay $1 billion for traffic improvements on congested area roadways. It will also open the property all at once, as opposed to in phases, so as to minimize construction disruption in the vicinity of the property. The company has said that it expects the casino to generate some eight thousand jobs, for which it will give preferential hiring treatment to locals. The same consideration will be applied to contractors utilized in the construction, according to Wynn officials.
Earlier this month, Wynn released renderings of his planned casino resort, which bear striking resemblance to other Wynn properties around the globe. Wynn says this is no coincidence; in fact the Everett casino will be designed after Wynn’s Macau property, which itself takes after Wynn’s iconic Nevada resort on the Las Vegas Strip. Wynn has said that he favors his signature bronze curtain glass design, as the glass casts an indoors light that is flattering not only to his decor, but to casino patrons as well.
The Everett casino agreement is not yet a done deal, however. The issue must be put to a referendum vote, which the company has requested take place on June 22.
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