Renegotiating the host agreement

Councilor Darren Costa has been leading the charge among his colleagues on the city council for a proper renegotiation of the city’s Host agreement with Wynn Resorts, owners of the Boston Harbor Casino and Hotel.

There has been much water over the dam since the city negotiated an agreement to receive about $30 million a year plus room fees from the hotel about 5 years ago, shortly before the opening of the casino and hotel in June, 2019.

Costa has been aiming to renegotiate a much broader and richer money package for the city given the success the casino and hotel are now enjoying.

The casino has been generating more than $60 million a month in gaming revenues alone. That’s a neat annualized $720 million a year and frankly it will be more than this for 2023 if business remains strong.

If Wynn Resorts is taking in huge sums of money like this, then the city should be paid far more than $30 million a year for the company’s right to do so.

Costa revealed last week in the Leader Herald that the Massachusetts Gaming Commission is apparently going to be involved in the process, or at least has indicated certain protocols must be followed by the city to renegotiate it.

We look forward to this progress.

And we thank Councilor Costa for taking the lead on this key issue that is so important to the city’s financial future.

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