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Steve Wynn is gone? Is the corporation going to follow?

By Josh Resnek

Reports of a possible Wynn Resorts sale of its uncompleted project here are running rife in the local and national media.

The worksite was padlocked Saturday – an unusual situation as the site has been pulsing with energy and construction every Saturday for many months.

Add to this statements by the mayor of Everett in the Boston Globe this week that he loaths losing Wynn.

Despite hopeful statements by current Wynn Resorts management here led by Gregory John, everything is not well with this project right now.

All of this against a backdrop of a Thursday April 12 meeting of the Gaming Commission where the Wynn project is at the top of the agenda.

To be discussed: “Process and scheduling requests that Steve Wynn is no longer a qualifier.”

The Leader Herald has predicted that the project is being sold for the past two weeks.

The likely buyer, Sheldon Adelson, the owner of the Venetian in Las Vegas and the fifth richest man in the world.

Both the Wall Street Journal and now Bloomberg News have reported talks to sell the project have apparently taken place or are taking place with president
of Wynn Resorts Matthew Maddox leading the talks.

Bloomberg News reported just such a scenario Tuesday morning.

The Globe report this week included comments from Richard McGowan, a professor at Boston College and an expert at gambling and casino matters.

“Who could they (Wynn Resorts) sell it to where they recoup their losses?…You’re talking about a $2.5 billion project.”

Both the Globe and Bloomberg News reported that MGM might have talked with Maddox about buying Wynn Resorts.

Wynn resorts has not answered any requests for information about what exactly is going on.

The price tag for the project would require someone like Adelson to write a check for it.

Adleson’s play seems to be more likely, according to sources, “because he can write the check.”

Buying the Everett project would require $1 or $2 billion not to buy, but to finish,” according to sources familiar with the industry here in Boston.

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“Buying the project is simple math – and it would be sold at a big loss by Wynn Resorts but if their license is pulled, they’ve got to get out of the hole they are in. The license is everything,” said the source.

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