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Photo by Steve Adams | Banker & Tradesman Staff
The discussions between Wynn Resorts and MGM Resorts around a possible sale of the soon-to-open Encore Boston Harbor casino in Everett are over and Wynn Resorts says it is committed to its Boston-area project.
The two Las Vegas powerhouses had confirmed Friday that they were discussing a sale of the Everett property, a transaction that would have upended the still-developing Massachusetts gaming world. On Tuesday evening, however, each company announced that their talks ended without a deal.
“Wynn Resorts prides itself on the design, development and operation of the world’s best integrated resorts. At times, world class assets attract the attention of others and our board takes seriously its fiduciary duty to review such interest,” the company said in a statement. “After careful consideration we have agreed to cease discussions with MGM Resorts.”
The Boston Globe reported that MGM Resorts in a statement said it “noted the anxiety raised by various stakeholders regarding a transaction and this troubles us at MGM. We only wish to have a positive impact on communities in which we operate. We think the best course of action is to discontinue discussions concerning this opportunity.”
Top elected officials had communicated intense concern over any possible sale, because of the disruption to Everett and Springfield it could cause. State law would have required MGM to sell its Springfield casino if it had wanted to buy the Boston casino.
Wynn Resorts, which still has not said whether it intends to pay the $35 million fine it owes to the Gaming Commission for the company’s failures related to sexual misconduct allegations against founder Steve Wynn, said in its statement that the company remains “committed to opening and operating Encore Boston Harbor as only Wynn Resorts is able to do.”
The $2.6 billion resort casino on a formerly contaminated peninsula of land along the Mystic River is due to open June 23, but the company must pay its fine and CEO Matt Maddox must pay his own $500,000 fine if that is to happen.
The Gaming Commission is scheduled to meet Wednesday morning in Boston to vote on a number of matters related to the opening of Encore Boston Harbor.
