I'm thrilled to share some exciting news about Wynn Resorts. They've made a significant investment in acquiring properties around the future Wynn Boston Harbor casino resort. With a whopping $2.4 billion budget, this luxurious project is set to become a true gem in the region. Wynn Resorts has spared no expense, already spending over $75 million out of their total $90 million budget on these surrounding properties. Their dedication to creating an unparalleled experience for their guests is truly remarkable.
In my research of public records, I discovered that the company has set its sights on the vicinity adjacent to the casino entrance, encompassing an assortment of commercial and residential properties. Interestingly, several of the properties that caught the operator's attention had already been acquired by Wynn Resorts' thirteen registered subsidiaries within the state of Massachusetts.
As part of our ongoing efforts to enhance the entire neighborhood that will house our casino, Wynn Resorts, through its subsidiaries, has effectively procured properties on Lynde and Mystic streets. However, there are still numerous properties on Bow and Thorndike streets, among others, within the already targeted areas that we are actively working to acquire. It's worth noting that only a fraction of the total $75 million expenditure has been allocated to finalized sales thus far. It is important to emphasize that the properties surrounding Wynn Boston Harbor, though acquired by our company, are not officially part of the casino itself. Our objective is to contribute to the overall improvement and development of the entire neighborhood in which our casino will be located.
MassLive
In an official announcement, Steve Wynn, the Chief Executive Officer (CEO) of Wynn Resorts, expressed his thoughts
Our intention is to purchase real estate in order to transform Everett into a shining model of how a company can revitalize a community. Our vision is to establish Everett as a prime hub for entertainment and conventions, enhancing and harmonizing with the current offerings in the area. By investing in property, we aim to create a destination that showcases the potential of businesses to positively impact neighborhoods, setting a remarkable precedent in the United States.
Wynn Resorts, the company behind the ambitious Wynn Boston Harbor project, has encountered numerous obstacles and setbacks in its journey so far. These challenges, primarily stemming from licensing problems and legal disputes, have posed significant hurdles along the way. Among the primary worries surrounding this grand endeavor was the potential detrimental effect it could have on the environment, as well as the fear of escalating traffic congestion in the area. These concerns prompted Wynn Resorts to allocate additional resources towards addressing and alleviating these perceived risks.
In 2014, after a 3 to 1 vote from the Massachusetts Gaming Commission, the exciting journey of Wynn Boston Harbor began. Located in the vibrant city of Everett, Massachusetts, this grand casino project took shape on 33 acres of land that once served industrial purposes along the majestic Mystic River. As the largest private single-phase construction endeavor in the state, Wynn Boston Harbor promises to be a remarkable addition to the landscape.
Come September 2019, Wynn Boston Harbor is set to unveil a multifaceted experience, boasting an array of lodging options, an assortment of retail and entertainment centers, delectable dining choices, and a top-notch, expansive casino that is predicted to draw in gambling enthusiasts from far and wide across the nation. In previous statements, Wynn Resorts has expressed their anticipation that the gaming segment of this all-encompassing resort venture will generate the most substantial revenue for both the company itself and the state of Massachusetts.
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