Wynn Resorts today unveiled its new tower design for the $1.6 billion Wynn Everett Resort during a meeting of the Massachusetts Gaming Commission. Two renderings of the 24-floor resort tower, one in a daytime setting and another at nighttime, were released by Wynn which marked the first time the new design has been shown in public.
“The era of the grand hotel–the big, wonderful places that one would stop to visit –has been over. But now, in this great part of Massachusetts, we are bringing it back in spectacular fashion,” said Steve Wynn, Chairman and CEO of Wynn Resorts. “People will come here to have fun and experience grandeur; to eat, shop, vacation and live large and hopefully forget about the rigors of life for a while.”
The exterior of the new tower will be comprised of the proprietary “Wynn Bronze Glass” that is a signature element of the Wynn and Encore Resorts in Las Vegas and Macau. The curving shape of the tower along the Mystic River will allow sweeping views of the Boston skyline.
When operating, the Wynn Resort in Everett will generate more than $260 million in annual tax revenue to the Commonwealth of Massachusetts, over $170 million in direct wages and more than $900 million in annual recurring revenue for local businesses generated from local consumer discretionary spending, incremental tourism spending and procurement spending.
Steve Wynn’s $1.75 billion hotel/casino project is expected to attract more tourists to the area than the New England Patriots, the Boston Red Sox, Bruins and Celtics combined. Wynn Resorts will pay $130 million for infrastructure improvements, of which, up to $76 million will go to Boston. The resort will create 10,000-15,000 direct and indirect jobs and provide the Commonwealth $50 million a month in new tax revenue. Steve Wynn added, “I don’t expect a parade or anything, but maybe a fruit basket.”
Yesterday Wynn Everett officials dropped a bombshell that – minus property tax – Boston’s mitigation agreement agreed to by Massachusetts Gaming Commission is more lucrative than the host community of Everett! Michael Weaver, senior vice president of marketing for Wynn stated “The current Boston Mitigation Package is potentially the largest mitigation package paid to any community, including Everett.” Read more about this.
Mayor Walsh has refused a $1 million payment from Wynn Resorts for Charlestown: Monies Part of Mitigation Distribution Earmarked for Local Non-Profits for the City of Boston. Everett Mayor Carlo DeMaria stated “I know Mr. Wynn went to talk to Mayor Walsh and I know members of the group have tried to meet with Boston too. I don’t get it.” Read more about how Mayor Walsh refused money for Charlestown non-profits.
On Wednesday morning Wynn Everett made a $1 million payment as part of their compensation package for the City of Boston. The $1 million upfront payment, according to the casino’s licensing agreement, is to be used for Charlestown’s non-profit agencies, parks, after-school activities, senior programs, job training and cultural programs; staffing and public safety initiatives related to increased traffic; and improvements to facilitate water transportation in Boston Harbor. Read more about how this payment is just a small part of the Wynn Everett compensation package for the City of Boston.