Is Wynn’s Boston Harbor Casino Project Up for Sale? Las Vegas entertainment and casino giant Wynn Resorts continues to face a difficult path forward in the wake of the fallout from former CEO Steve Wynn’s sexual misconduct allegations. He stepped down from that role earlier this year to leave new CEO Matt Maddox in a precarious situation with any number of issues facing this company.
Is Steve Wynn’s Boston Harbor Casino Project Really Up for Sale?
One of those issues is Wynn Resorts’ current casino project in Boston. According to a recent report on Casino.org by Devin O’Connor, Maddox is currently exploring ways to sell off the company’s stake in this $2.4 billion investment. The Boston casino is currently under construction in nearby Everett.
Is Steve Wynn Looking For An Exit With The Massachusetts Gaming Commission (MGC)?
One of the main reasons why Wynn Resorts could be looking for an out is the Massachusetts Gaming Commission (MGC). It has launched a full-scale investigation into these recent sexual abuse allegations against Steve Wynn. The evidence against Wynn continues to grow since he resigned his position with the company while also divesting all his holdings in Wynn Resorts. Above all, this all stemmed from a report in the Wall Street Journal in late January detailing some of the allegations lodged against the casino mogul.
The Wynn Boston Harbor Ongoing Work Is On An “At-Risk Basis”
PlaySlots4RealMoney.com went onto to state that MGC Chairman Stephen Crosby has gone on record as stating that the ongoing work at Wynn Boston Harbor is on an “at-risk basis” with the resort’s gaming license still in question. The company paid $85 million for the operating permit and Crosby has described it as a “revocable privilege.”
There is a possibility that the MGC Investigations and Enforcement Bureau could make a recommendation to the Commission that Wynn Resorts should not hold a casino license in the state. Also, this would make the sale of the property even more difficult. An unidentified source said that Maddox had been fielding calls for a potential deal in a recent statement to financial news source Bloomberg, but it was entirely off the record as the source chose to remain anonymous.
The MGC Said They Have Not Been Informed Of The Sale?
Michael Weaver acting as a spokesman for Wynn Resorts declined to comment on the situation when pressed for a response to a possible sale. MGC added that it had not been informed of any plans to sell the Wynn casino as well as any ongoing negotiations. Last month, Wynn Boston Harbor President Robert DeSalvio did tell the MGC that the company was contemplating a name change for the resort according to PlaySlots4RealMoney.com.
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Is Steve Wynn Betting On The ‘Massachusetts Expanded Gaming Act’ From 2011?
Under the ‘Massachusetts Expanded Gaming Act’ from 2011, a casino license can be transferred to a suitable recipient. As far as the cost of a transfer, the specific language states that “the Commission may require the transferor, transferee, or both to pay the Commission an amount representing the Commonwealth’s share of the increased value for the transferred license.”
The project in Everett is about halfway complete according to recent project updates, and it would take another $1.3 billion in costs to open the doors to the real money gambling public. As far as a potential buyer if Wynn Resorts does decide to sell, this report points to MGM Resorts as a possible buyer. Rumors in the casino industry suggest that MGM may be trying to buy Wynn Resorts as a whole.