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Wynn Resorts Buying Exxon Property?

Encore Boston Harbor. (Photo by Jim Mahoney)

Wynn’s Interest Includes Distrigas and Exelon

By Josh Resnek

Wynn Corporation is ready to ink a sale with Exxon for the sprawling 96 acre industrial site in Everett, according to a variety of gaming industry, real estate and media sources.

Wynn is also believed to be considering putting under agreement the Distrigas property as well as Exelon’s power plant, which will be closing in 2024.

If such an assemblage were put together, Wynn would become the owner of an extraordinary group of rare urban properties within one mile of Boston that would have an abundant number of possibilities ranging to billions of dollars of new development.

The only caveats to these likely acquisitions is that they are all polluted and will require environmental mitigation.

Such mitigation could cost as much as $100 million or more.

The Encore Casino and Hotel environmental mitigation cost upwards of $30 million – and this was for 33 acres that was purchased for $35 million by Wynn Resorts.

Estimates for the cost of acquiring the Exxon property range from $250 million to $500 million.

In most cases where acres are available in Everett today, the prices hovers around $5 million per acre.

Should Wynn entertain buying the Distrigas property, the cost could be astronomical. The same can be said for the Exelon property.

Wynn’s early interest, and its abiding interest has been in acquiring and controlling the land across from the casino and hotel and the abutting waterfront.

Wynn Resorts considers the land across from the Encore Casino and Hotel an important first major expansion of its Greater Boston footprint.

Sources claim Wynn envisages a widely expanded entertainment district and other retail and light industry components that could make the acquisition one of the most eye brow raising developments in Greater Boston history.

With the casino now generating about $60 million of gaming income a month, that’s $720 million annually, and electronic gaming about to be approved in Massachusetts, the land is a pittance and would likely grow into an assemblage of untold monetary proportions and value.

Wynn officials have remained disinterested in sharing official information with the public.

Our sources tell us something is up.

We will know about the dimensions of these alleged land deals sooner rather than later.

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