Wynn Resorts CEO Matt Maddox said the plan was developed while working with state and Everett officials along with medical professionals and fellows from Georgetown and Johns Hopkins University. EVERETT, MA - JUNE 23: Stakeholder Elaine Wynn greets people on a mezzanine balcony during opening day of the Encore Boston Harbor casino on June 23, 2019 in Everett, Massachusetts. The City of Everett Massachusetts, just outside of Boston, is currently in the middle of a resurgence as a result of a $2.5 billion casino being built by Wynn Resorts that is scheduled to open in. Encore Boston Harbor chief Bob DeSalvio is out less than five months after the huge Everett casino opened. Wynn Resorts, which owns the casino, said in a news release that DeSalvio is “stepping.
The Encore Boston Harbor is set to officially open its doors this weekend. Casino fans in the Boston area have a lot to look forward to. Interestingly, this new casino resort in MA is located in Everett, an area not typically thought of as a tourist destination.
The Encore is taking a risk opening at this location. The goal is to change Everett from an industrial district into a luxury resort town. Is that really possible?
Encore Boston Harbor’s Unusual Location Choice
On the surface, it doesn’t make a lot of sense to see the Encore opening up in Everett.
This casino-resort has been dealing with serious uncertainty over the past few months. Not long ago, there were serious talks that MGM would purchase this new establishment.
In May, MGM announced they had pulled out of the deal. The Wynn-owned casino will now open up on its own terms. It is located in an industrial zone home to a water and sewage agency, a subway repair yard, and a power plant.
Everett is not a major tourist destination. Carlo DeMaria, Mayor of Everett, wants to see this change. “We were ready for something like this,” he said. “Everett will no longer be that place where the scrap yards and the used car lots and the power plant are.”
This small city in the middle of major renovations. A $70 million state project is taking place to clean up the chemical plant and make way for a 6-acre park. Progressive side bet blackjack. The Wynn is also working to help this area thrive. The company has purchased old homes and businesses surrounding the casino to redevelop the area.
What Will the New Casino Resort in MA Include?
Wynn Resorts has a proven track record of operating successful casinos. This major gaming company currently runs casinos in Las Vegas and Macau. In 2016, Wynn Resorts earned nearly $4.5 billion in revenue.
The new casino resort in MA cost $2.6 billion to construct. It includes a lobby carousel featuring 11,000 jewels and 83,000 flowers with a $28 million sculpture of Popeye from artist Jeff Koons. Rooms for this hotel are starting at $650 per night.
The Vegas-like opulence of the Encore Boston Harbor is apparent. Hope is that this casino-resort brings in major VIP players in the US Northeast area. Officials at Wynn Resorts also expect to draw in major players from Asia.
This is just the second casino-resort located in Massachusetts. Unfortunately, some analysts feel that the new gambling venue won’t meet its revenue goals. Let’s look at why that is.
Revenue Forecast for Encore Boston Harbor
Much of the Northeast region of the US has struggled to bring in solid casino revenue figures. The one exception, of course, is Atlantic City. This New Jersey city has posted revenue gains for the past 12 months.
Location is also a concern for the Encore Boston Harbor. This casino is located on the Everett waterfront. Shuttles are required for visitors to reach the venue. These shuttles will bring in an estimated 8 million gamblers each year.
Not everyone is giving this casino a bleak revenue forecast. As of now, it’s the only gaming venue in the Boston area. The closest casino resort is more than an hour’s drive away. Some gambling experts predict that the new casino resort in MA will bring in $600 million during its first year of operating.
There are many questions over how the new casino will fare. Will locals forget about Everett’s industrial ghosts? Can this resort bring in high-rollers from around the world? Make sure to stay tuned for updates on the situation as they come out.
No food service yet, social distancing, hotel closed for now
BY JOSH RESNEK
If everything goes according to the plan as approved this week by the Massachusetts Gaming Commission, Wynn Boston Harbor Casino will be opening on or around June 29.
Thus, will end an extraordinary closure of the casino which began on March 15 when the Coronavirus began hitting us with full force.
Since March 15 neither the casino nor the Encore Hotel has produced a dime of revenue.
The hotel will not be reopening on the 29th, according to Wynn company officials.
The hotel may reopen but on a limited basis, according to company reports.
The casino however will be reopening with a full litany of social distancing and hygienic requirements.
Temperatures will be taken. Hand washers will be everywhere. All employees will be wearing masks.
Wynn Casino Everett Ma Opening
It is expected that many customers will do the same although the requirement is not absolute.
It is not yet entirely clear which restaurants will be reopening and in what capacity.
The buffet, which has been reopened in Las Vegas, will not be reopened here.
In the casino itself, card games have been eliminated and many other table games have been introduced.
Ending card games eliminated the need for dealers.
They have all been laid off.
With $3.4 billion in liquid assets, or enough to last the company for 1 1⁄2 years at the present burn rate, Wynn company president Matt Maddox is confident the comeback will be strong and over time, everything will come back to normal.
Wynn Casino Everett Ma
“We are confident that travel and tourism will recover in both the US and China, and our industry leading assets, fortress balance sheet and talented team members position the company to thrive in the years ahead,” Maddox affirmed.The casino operator posted operating revenue of $953.7m for the period ending 31 March, a fall of 42.3 percent compared to the same period in 2019.
Wynn closed its Strip operations on 17 March. In Las Vegas, Q1 operating revenues were $323.8m, a 19.3 percent decrease from $401m for the first quarter of 2019. Operating revenues at Encore Boston Harbor came in at $140.9m.
In Asia, the company’s subsidiary Wynn Macau reported a nearly $154.2m net loss for the first quarter.
Wynn’s Macau interests generate about $75% of the company’s income. The closing of Beijing because of a recurrence of the virus will impact business in Macau which is a new worry for Wynn Resorts.
With air travel and tour- ism to Boston remaining extremely slim and limited, it is difficult to predict how the casino reopening will go.
Company officials in statements to Wynn employees say they are raring to go, a sentiment shared by a great many employees who have been paid by the company throughout the ordeal.
Casino In Everett Ma
It is believed that pent up demand for customers to go out again and to gamble will
be enough to bring respectable crowds back to the casino.
As of Tuesday, Wynn stock was traded at $92.00.
Its 52 week high was $153.00. The 52 week low, $35.00.
The dividend has been suspended.The market cap, that is, the value of the company’s stock in the hands of all its shareholders is about $10 billion.
Wynn presently owes the city of Everett for in lieu of tax payments – an amount believed to be about $12 million.
It is expected that money will shortly be paid to the city.
Wynn Casino Everett
The city will be without substantial income generated by hotel room fees for the near future.