Leader Staff
Wynn Resorts has bought the 45 acre Mystic Power Station owned by Constellation for $25 million, according to a report published in the Boston Globe.
There is a great deal of speculation that Robert Kraft will partner with Wynn to build a 20,000-30,000 seat soccer stadium on the property.
Short term, this is a disaster for the city as Constellation was once the largest taxpayer in the city and now the value of the property has tanked to the land value only.
However, the temporary tax hit will ultimately be mitigated and in fact the situation improved when a stadium or other commercial ventures connected to the Encore Casino and Hotel are built and occupied and generating income.