Short term a disaster, casino hours slashes
By JOSH RESNEK
The closure of the Encore Hotel last Friday set a disturbing tone for Everett’s largest generator of cash.
Without the hotel open and fully occupied, the city stands to lose $5 million in excise tax- es that the city was depending upon.
The $30 million a year in lieu of taxes the company pays to the city is also a question mark if business is reduced and crowd restrictions remain because of the pandemic.
It remains unknown whether or not the city has collected at least $10 million of that yearly payment that was long overdue.
The short term is a disaster for the casino and hotel.
The longer-term, what might be happening once there is a vaccine and society has tamed the virus and returned to a semblance of normalcy, looks much better for the casino and hotel.
That may be another year away or more.
The hotel shut down months back but re-opened recently. It has been operating at reduced days and severely reduced occupancy for the past 8 months before shutting down completely, again.Continue reading “Encore shuts hotel, 1K workers laid off”