• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Massachusetts confirms Wynn licence

Sep 18, 2014 Newsdesk Latest News, Top of the deck, World  


Massachusetts confirms Wynn licence

The Massachusetts Gaming Commission on Wednesday unanimously confirmed Wynn Resorts Ltd as the winner of a casino gaming licence for Greater Boston.

It followed a three to one preliminary vote in favour of Wynn by commission members on Tuesday.

Wynn plans to convert a contaminated site in the city of Everett on the Mystic River north of Boston – that previously housed a Monsanto Co chemical plant – and turn it into a US$1.6 billion gaming resort (pictured in an artist’s rendering).

The licence award concludes a nearly two-year selection process that saw the firm beat out a high quality proposal by Mohegan Sun for a casino in the city of Revere, also north of Boston.

“This is an amazing project that will have a significant impact on job creation and economic development,” said Robert DeSalvio, senior vice president of development for Wynn, in a statement on Wednesday.

There are still some outstanding issues. The Mayor of Boston, Martin J. Walsh, on Tuesday told local media he was looking for an improved offer from Wynn regarding so-called ‘mitigation payments’ for the local community.

And Carlo Santarelli of Deutsche Bank AG in New York, said on Tuesday in a note to investors: “The process…is not over as the vote to repeal gaming [statewide] remains on the ballot for November.”

But the analyst added: “We see the likelihood of a repeal as low.”

Union Gaming Research LLC said in a note on Wednesday that although it regarded the Massachusetts licence award as positive, it was lowering the price target on Wynn Resorts’ Nasdaq-listed shares to US$227 – from US$253 – “to reflect current macro realities”.

Analysts Robert Shore and Grant Govertsen wrote: “From a stock perspective, we maintain that there is minimal current valuation (if any) ascribed to Wynn currently for optionality in Massachusetts.”

They added: “We estimate that the property could generate EBITDA [earnings before interest, taxation, depreciation and amortisation] amounting to US$240 million to US$250 million per annum further supported by the aspirational nature of the Wynn brand, which carries the potential to draw greater visitation than a typical regional casino.”

Wynn Resorts’ shares closed up 1.8 percent on Wednesday in New York at US$183.10.

Union Gaming said the Everett scheme includes a 500-room hotel and a casino with 3,000 slots and 150 tables, as well as 94,000-square feet (8,733 sq metres) of retail space, eight restaurants, a nightclub, and a spa.

“The project is expected to create 3,700 construction jobs and 4,382 permanent jobs, generating US$267 million per annum in state and local taxes,” added Union Gaming.


  • tweet
Related articles
  • MGM expects autumn announcement on Japan IR licence
    MGM expects autumn announcement on...

    Jun 21, 2022  

  • Wynn Macau Ltd parent loan not best sign for sector: MS
    Wynn Macau Ltd parent loan not best...

    Jun 15, 2022  

More news
  • IGT completes US$165mln acquisition of iSoftBet
    IGT completes US$165mln acquisition...

    Jul 05, 2022  

  • Macau publishes amendment to public tender regulation
    Macau publishes amendment to public...

    Jul 05, 2022  


Latest News

IGT completes US$165mln acquisition of iSoftBet

IGT completes US$165mln acquisition of iSoftBet

Jul 05, 2022  

Casino equipment maker and digital gaming content provider International Game Technology Plc (IGT) says it has completed a process to acquire iSoftBet for approximately EUR160 million (US$164.6...
Read More
Macau publishes amendment to public tender regulation

Macau publishes amendment to public tender regulation

Jul 05, 2022  

Macau’s Grand Lisboa cordoned amid 13-case Covid cluster

Macau’s Grand Lisboa cordoned amid 13-case Covid...

Jul 05, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

”I thought they were wise to recommend five locations across the kingdom [for casino resorts] rather than one or two locations in Bangkok”

Andrew Klebanow

Principal at industry consultancy C3 Gaming Group



Most Popular

  • Four Seasons Macao shops paused on Covid casesFour Seasons Macao shops paused on Covid cases July 4, 2022
  • GKL sees June casino sales up 34pct sequentiallyGKL sees June casino sales up 34pct sequentially July 4, 2022
  • Macau ops all likely had negative 2Q EBITDA: JP MorganMacau ops all likely had negative 2Q EBITDA: JP Morgan July 4, 2022
  • Macau due 3 new rounds of Covid tests, more than 850 casesMacau due 3 new rounds of Covid tests, more than 850… July 4, 2022
  • Public backing vital for a Thailand casino biz: expertsPublic backing vital for a Thailand casino biz: experts July 4, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us