Followers | 689 |
Posts | 143817 |
Boards Moderated | 35 |
Alias Born | 03/10/2004 |
Monday, December 21, 2020 10:34:07 PM
By: Casino.org | December 20, 2020
Refuting rumors the property is being shopped, Encore Boston Harbor President Brian Gullbrants told staffers the gaming venue isn’t for sale.
The executive made the remarks in a Saturday message to employees, saying that reports of Wynn Resorts selling the Bay State integrated resort aren’t accurate.
It has been falsely reported that Encore Boston Harbor is for sale. I want to assure you that our company has not engaged in any conversations about the sale of the property,” wrote Gullbrants in the message, which was procured by MassLive.
The $2.6 billion Encore Boston — Wynn’s lone domestic venue outside of Las Vegas — opened in mid-2019 and rapidly became the highest-grossing gaming property in Massachusetts, easily outpacing older rivals Plainridge Park Casino (PPC) and MGM Springfield.
The Wynn integrated resort got off to a solid start this year. But then the coronavirus pandemic forced a nationwide closure of casinos, and the Massachusetts shutdown was among the longest in the country. More recently, the state’s gaming properties are operating under COVID-19 restrictions, protocols that are hampering visitation and gross gaming revenue (GGR).
Not First Time Rumored Surfaced
This isn’t the first time speculation regarding a sale of New England’s most plush commercial casino have surfaced.
In the wake of Wynn founder Steven Wynn’s departure from the company in early 2018 amid a raft of sexual misconduct allegations, negotiations between the company and Bay State regulators grew contentious. They ultimately resulted in hefty fines against the operator and CEO Matt Maddox.
The Massachusetts Gaming Commission (MGC) signed off on the company opening Encore Boston Harbor. But just weeks before the venue was slated to come online, rumors surfaced Wynn was in talks with MGM Resorts International to offload the property. That would have been a tricky transaction, because under state law, gaming companies can hold just one license apiece.
Following a round of furloughs forced by the pandemic, speculation surfaced that Encore Boston staffers felt the parent company wasn’t prioritizing the New England venue on par with its Las Vegas and Macau operations.
Optimistic Outlook
For his part, Gullbrants said post-COVID plans for Encore Boston Harbor are in the works, and the parent company is enthusiastic about the outlook for the venue.
“In fact, we are very excited about and committed to the future of Encore Boston Harbor, and we cannot wait until we are fully re-open, and we have all of our team members back with us every day,” he wrote in the message obtained by MassLive.
Data confirm the integrated resort is an important contributor to the Bay State economy.
The study, “The Construction of Encore Boston Harbor: Spending, Employment, and Economic Impacts,” released last week by UMass Donahue Institute researchers, indicates the gaming property generated $1.6 billion in net new economic activity in the state.
Wynn spent $1.6 billion on construction of the Everett venue, with $1.1 billion of that figure awarded to Bay State contractors and crews, according to the study.
Read Full Story »»»
DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
• DiscoverGold
Recent WYNN News
- Form 8-K - Current report • Edgar (US Regulatory) • 09/23/2024 08:05:42 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/20/2024 08:31:03 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/18/2024 12:07:39 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/16/2024 09:20:11 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 09/16/2024 08:24:12 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/14/2024 12:00:16 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/10/2024 08:06:08 PM
- Wynn Resorts Announces Pricing of Private Offering of $800 Million Aggregate Principal Amount of Wynn Resorts Finance 6.250% Senior Notes due 2033 • Business Wire • 09/10/2024 08:02:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/10/2024 12:05:50 PM
- Wynn Resorts Announces Private Offering of $800 Million of Wynn Resorts Finance Senior Notes Due 2033 • Business Wire • 09/10/2024 11:53:00 AM
- Dell, Palantir, and Erie Will Be Added to the S&P 500; Boeing Avoids Strike; Apple Event Takes Place Today • IH Market News • 09/09/2024 10:05:35 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/06/2024 09:25:26 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/03/2024 08:06:23 PM
- Big Lots Falls 27%, Considers Bankruptcy; DraftKings Acquires Simplebet, Berkshire Hits $1 Trillion • IH Market News • 08/29/2024 10:06:50 AM
- RELATED COMPANIES AND WYNN RESORTS UNVEIL NEW DETAILS ON THE NEXT PHASE OF HUDSON YARDS • PR Newswire (US) • 08/28/2024 04:32:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/14/2024 12:07:59 AM
- Form S-8 - Securities to be offered to employees in employee benefit plans • Edgar (US Regulatory) • 08/12/2024 08:31:01 PM
- Novo Nordisk Adjusts Outlook, Airbnb Drops 16% on Declining U.S. Demand, Lumen Technologies Surges 48% in Premarket • IH Market News • 08/07/2024 09:42:51 AM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/06/2024 08:51:29 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/06/2024 08:03:46 PM
- Wynn Resorts, Limited Reports Second Quarter 2024 Results • Business Wire • 08/06/2024 08:02:00 PM
- US Index Futures Rise After Market Sell-off, Oil Prices Trim Losses • IH Market News • 08/06/2024 09:49:06 AM
- Wynn Las Vegas to Host Four Sixes Ranch Steakhouse Pop-up This Fall • PR Newswire (US) • 08/05/2024 05:00:00 PM
- US Index Futures Up Ahead of Fed Decision; Oil Prices Surge Amid Middle East Tensions • IH Market News • 07/31/2024 10:01:30 AM
- Wynn Resorts Announces Second Quarter Earnings Release Date • Business Wire • 07/30/2024 08:05:00 PM
North Bay Resources Commences Operations at Bishop Gold Mill, Inyo County, California; Engages Sabean Group Management Consulting • NBRI • Sep 25, 2024 9:15 AM
CEO David B. Dorwart Anticipates a Bright Future at Good Gaming Inc. Through His Most Recent Shareholder Update • GMER • Sep 25, 2024 8:30 AM
Cannabix Technologies and Omega Laboratories Inc. Advance Marijuana Breathalyzer Technology - Dr. Bruce Goldberger to Present at Society of Forensic Toxicologists Conference • BLOZF • Sep 24, 2024 8:50 AM
Integrated Ventures, Inc Announces Strategic Partnership For GLP-1 (Semaglutide) Procurement Through MedWell USA, LLC. • INTV • Sep 24, 2024 8:45 AM
Avant Technologies Accelerates Creation of AI-Powered Platform to Revolutionize Patient Care • AVAI • Sep 24, 2024 8:00 AM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM