Wynn Resorts has made its final decision when it comes to the ownership of its future casino resort which is currently under construction in Everett, Massachusetts. According to the official statement issued by the casino operator, the location is going to remain a property of Wynn Resorts even though MGM Resorts International entered preliminary conversations in April for its purchase.
It could be recalled that last month the two major casino developer made public their announcement that they are going to discuss MGM Resorts potential acquisition of the future casino resorts which is being built on the banks of Mystic River. The project is estimated to cost as much as $2.4 billion to its developers and is also ready to offer its guests a wide variety of entertainment offerings. According to the previous rumors, MGM is looking to acquire the new location, as it is itself constructing another casino resort in Springfield.
With the help of this purchase deal, MGM is going to eliminate any unwanted cannibalization of the field and harmful impact on the operation of both properties. Caesars Entertainment also proposed a bid for the purchase of Encore Boston Harbor. According to the most recent announcement of Wynn Resort, however, such move would not be considered any longer as both entities have reached the conclusion that the bids received could not reach the amount of money needed for the construction of the integrated resort.
Future Plans for Development
Another reason for the talks to cease is that the current Chief Executive Officer of Wynn Resorts Matt Maddox recently expressed his position regarding the project, stating that the location is good for development and he would prefer it if it remained property of Wynn Resorts.
Along with that announcement Mr. Maddox also made if clear that the brand is striving to expand its operation worldwide and provide the customers with more offerings. The first markets to experience it will be Macau and the still-developing Japanese gambling field. Wynn Palace located in Macau is expected to undergo expansion which will aim to improve the customer experience and introduce new gaming options as well as bring a breath of fresh air to the facility.
The site will welcome new restaurants options as well as other non-gaming offerings as a part of the more family-friendly direction of development taken by many operators in the field. Japan is also situated on the radar of Wynn Resorts as the casino operator along with other major developers is weighing the opportunities for development in the budding field. As many as 22 Japanese executives currently have discussions with Wynn Resorts.
Moreover, the company has been contemplating another large project which could transform Las Vegas with its operation. The new Meetings, incentives, conferencing and exhibitions development (MICE) are being constructed on the golf course of the company. The process of construction of the 400,000-square-foot convention center is prognosed to be completed by the middle of 2020.
According to the information once this project is finalized Wynn Resorts is going to commence working on the brand new casino resort on the site of the former Alon Las Vegas. As it could be recalled the site was purchased for some $300 million towards the end of 2017 from Crown Resorts.