Wynn Resorts Purchasing Abandoned Power Plant Adjacent to Encore Boston Harbor
Las Vegas-based Wynn Resorts has agreed to buy a defunct power plant in Everett, Mass., near its Encore Boston Harbor casino.
Wynn opened Encore Boston Harbor in June 2019 at a cost of $2.6 billion, making it the wealthiest casino in Massachusetts over MGM Springfield and Plainridge Park. According to Wynn officials, Encore Boston Harbor is still in its infancy, with big plans for the region. Expect the casino to boost the local economy, turning the industrial area into a mix of residential, commercial, and entertainment zones.
The 27-story hotel tower at Encore Boston Harbor offers views of downtown Boston, but it's currently obstructed by nearby smokestacks and brick buildings at the Mystic Generating Station. Constellation Energy, the owner of the power plant since 2010, will sell the property to Wynn Resorts for $25 million. Part of the power plant has already been decommissioned, while the remaining portion is set to shut down and close permanently by June 1, 2024.
According to Constellation, changes in wholesale energy markets have made the Mystic Generating Station no longer profitable.
Encore Boston Harbor's Expansion
Last month, Encore Boston Harbor received approval from the Massachusetts Gaming Commission (MGC) to expand its gaming operations beyond its existing casino. The MGC authorized Encore to build a separate gaming area across Broadway.
The state gaming agency determined that commercial gaming is allowed on the site due to a 2013 local referendum in Everett, which designated the former Monsanto Chemical Site as a casino gambling location. The MGC believed the referendum applied to the area surrounding Encore Boston Harbor’s original property.
Wynn has plans to construct a standalone sportsbook, poker room, and nightclub. The casino is also considering a new hotel tower on the property.
Wynn Resorts has accumulated substantial property in Everett. The casino operator purchased numerous dilapidated buildings in the area during construction and continues to seek land acquisitions for future protection.
Wynn Buys Seat at Development Table
Constellation confirmed this week that Wynn Resorts was the highest bidder for the Mystic Generating Station, with the $25 million deal giving the casino substantial control over the future development of the 45-acre complex. Local and state officials will also have input regarding zoning matters.
Wynn Resorts spokesperson Michael Weaver stated their goal for the purchase was to ensure that future development in the area aligns with their existing investment at Encore Boston Harbor, their planned development on Lower Broadway, and the broader planning of the Lower Broadway District by the City of Everett.
Rumors are circulating that the power plant might serve as the future home of the MLS New England Revolution. The professional soccer club is owned by billionaire Robert Kraft, who also owns the NFL New England Patriots. For several years, Kraft has been hunting for a site to construct a stadium for the Revs, as they currently play their home games at Gillette Stadium, the Patriots' stadium.
