Scheduled Encore Boston Harbor Extension Halts over City Controversy
Due to a dispute between casino authorities and city officials, plans for expanding the Encore Boston Harbor have been put on hold indefinitely. This news was disclosed during a Wynn Resorts earnings call last week.
The expansion's initial phase would've included 142,000 square feet of extra space, right across from the casino in Everett, Massachusetts.
Wynn's Disappointment
Wynn CEO Craig Billings expressed disappointment but mentioned that the company has several other development projects worldwide where they can reallocate the intended funds for Boston.
The $400M expansion would provide more entertainment, restaurants, and gaming areas. It was slated to house a 979-seat theater, a seven-story parking lot with over 2,000 parking spaces, a poker room, and a sports betting parlor. Additionally, the Memoire nightclub, currently situated within the casino building, would've moved to the extension. A footbridge was intended to link the present complex to the addition.
Failed Negotiations
Though Wynn Resorts is still optimistic about the project aligning with the city's and its shared aim of establishing an enthralling and bustling leisure destination on Lower Broadway comprising restaurants, hotels, theaters, and other enjoyments, negotiations for property taxes, impact charges, and infrastructure enhancements haven't yielded a resolution.
Until these concerns are addressed through financially sound decisions, it is the company's responsibility to its shareholders to curb expenditures on the project.
A second phase of the development included plans for adding two more hotel towers with 800 guest rooms to the Encore site. Encore, which currently offers 671 hotel rooms, typically fills up on weekends.
Everett city officials have yet to comment on the company's statements.
The Massachusetts Gaming Commission (MGC) acknowledged last week that they're aware of the project stall.
"We're all set and prepared, ready to proceed as things unfold further," MGC Executive Director Dean Serpa remarked on Thursday.
In 2022, Wynn Resorts interrupted the permit process on the extension to assess whether the proposed facilities were the best adaptations for the property.
The Encore Boston Harbor was inaugurated in 2019 at a cost of $2.6B.
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Source: www.casino.org
