The new landowners of the casino and hotel properties have made a great deal.
The city might have made the same deal some years back and done much better than the $35 million a year now coming in in lieu of taxes.
The new landowners will be receiving $100 million a year in rent from Wynn Resorts.
Wynn also has to pay the in lieu of tax payment to the real estate company. It is presumed they will then pay it to the city
It is impossible to imagine how different a world it might have been if the mayor hadn’t been beguiled by Steve Wynn, who was forced out of the company he built and disgraced by a Wall Street Journal investigative report that made him out to be a se- rial sexual harasser.
The mayor thought he understood Steve.
He believed they had a lot in common.