Price Tag Increases For Casino With 90-Table Poker Room Coming To The Boston AreaWynn Boston Harbor Now To Cost $2.4 Billion |
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The stakes have been raised for a massive Las Vegas-style casino in the Boston area.
Wynn Boston Harbor, which was already slated to cost $2.1 billion, will now require an additional $300 million, according to a report from CommonWealth Magazine.
The casino giant announced the increase late last month.
Wynn was awarded a license for the Everett casino in late 2014, but the project faced opposition from the cities of Boston and Somerville. Both had preferred competing casino projects. Those roadblocks were cleared and construction was green lit last year. However, the state’s Supreme Court did rule last week that a lawsuit from the city of Revere over the transparency in the casino licensing process can proceed.
At this point in time, the case isn’t expected to delay Wynn Boston Harbor.
In addition to a gaming floor, the casino will have a hotel, a waterfront boardwalk, meeting and convention space, a spa, retail offerings and food and beverage outlets.
According to a report from The Everett Independent, Wynn Resorts told state gaming regulators earlier this month that it is scaling back on the retail space, which includes eliminating 10 stores, in order to have more convention space. The casino will also have more gambling “positions” than previously planned.
The casino, which will be equipped with a 90-table poker room, is expected to open in mid-2019. However, thanks to rising costs, Wynn remained cautious in the SEC filing.
“Contingencies that have been set aside by us to cover potential cost overruns or potential delays may be insufficient to cover the full amount of such overruns or delays,” the company said. “If these contingencies are not sufficient to cover these costs, or if we are not able to recover damages for these delays and contingencies, we may not have the funds required to pay the excess costs and this project may not be completed.”
“We are currently required to commence gaming operations at Wynn Boston Harbor by June 2020. If we are unable to meet this deadline, the Massachusetts Gaming Commission may suspend or revoke our gaming license.”
Wynn Resorts’ rival MGM Resorts International is also in the process of building a Massachusetts casino. The Springfield gambling facility comes at a cost of nearly $1 billion. MGM late last year opened one of the most expensive casinos on the entire east coast with its $1.4 billion property in Maryland.
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