— Eye on Everett —

An Excruciating Wait

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By Josh Resnek

Kickback Carlo is uptight.

He wants the casino to open on June 23.

This is a big moment in his life – perhaps the biggest.

A casino opening in a place like Everett is a once in lifetime thing. The largely irresponsible mayor is responsible for bringing the casino here. He brought Steve Wynn to the city.

That is on his shoulders.

Steve Wynn’s excesses are a bit like the mayor’s.

They are a past history that won’t go away, that impacts everything they do.

The mayor is uptight.

We are all a bit uptight.

Whether you are opposed to casino gambling or welcome it, the wait right now to see what exactly happens is excruciating.

Much is at stake.

The city’s financial well being, and the social and political effect of the casino coming is another gaggle to deal with.

Right now, the June 23 opening is hanging in the balance. It rests upon what the Massachusetts Gaming Commission decides. For Kickback, this is a time to sweat just a bit, to worry, to fret about…the license, the suitability of Encore, which the GMC is now weighing and measuring.

It is in a way, a measuring of himself, of what he has brought to the city.

A loss is his. A victory is his. Anything halfway he owns.

Last week was a gaggle for Kickback, for the Encore and Wynn officials, for everyone involved in the proceedings.

The proceedings didn’t go the way Wynn Resorts wanted it to go.

Matt Maddox came off as someone who knew nothing about anything – even though he led the company for the past 12 years and had worked for 20 years for Steve Wynn.

Continue reading “— Eye on Everett —” →

Home Run

Red Sox choose MGM partnership over Encore

By Josh Resnek

The Red Sox announced last week that MGM Resorts International will be known as the official and exclusive resort casino of the Boston Red Sox, with game day VIP hospitality, while using the MGM Grand’s facility in Springfield as home plate for the partnership.

The announcement is believed to be a snub of Wynn Resorts Encore project in Everett -not because the facilities are inferior to those in Springfield – but rather – because the Red Sox were not going to put themselves in a position to be criticized about sexual harassment issues dogging Wynn/Encore,” according to an official of the club who wished to remain unnamed.

Also, Wynn’s business plan depends on large numbers of heavy hitting gamblers pouring millions of dollars out of their pockets and into the casino’s money room. Wynn does cater to the hoards of smaller gamblers MGM courts at its location. Continue reading “Home Run” →

Wynn Stock Tanking

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Steve Wynn and the mayor of Everett.

EVERETT THE KEY

By Josh Resnek

Everett doesn’t matter to the investment world very much but in the case of Wynn Resorts, Everett very likely holds the key to the short term future price for its stock.

This time last year, Wynn stock was in the $190 region with expectations by major brokerage houses that it could soar into the mid $200’s.

This was before Steve Wynn was found out and revealed to the world as a sexual predator – or at least this is what most of the evidence gathered by the Wall Street Journal revealed after their investigation was published into his sexual harassment and paternity suit issues.

Continue reading “Wynn Stock Tanking” →

— Eye on Everett —

The End of Homecoming

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By Josh Resnek
There will be no Homecoming this year.

The powers that be, mainly the mayor and CFO Eric Demas, have deemed it too expensive and there for irrelevant.

They both believe that every dime of spending by the School Department for items like the Homecoming is an abomination. What is gained and what is lost?

The School Department will save as much as $50,000 when all is said and done. This can be put against the annual underfunding effort that has led to 100 teachers and aids being dismissed from the School Department. In this instance, the end of Homecoming can be perceived as a gain.

What is lost is not quite as easy to demarcate exactly.

What is lost is the city’s major annual parade, a giant event with thousands of Everett residents from all walks of life participating.

Continue reading “— Eye on Everett —” →

Waiting for Answers

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Crews continue work on Encore Boston on Route 99 in Everett. (Josh Resnek Photo)

Is Property For Sale; Will Wynn Resorts be Fined?

By Josh Resnek 

A report from the Motley Fool widely published last week speculates that the Encore project in Everett may again be for sale, or is likely being discretely shopped around the casino world.

Motley Fool, one of the most influential investment advisors on the Internet, detailed an apparently emerging scenario where rivals MGM Resorts, Caesars and Penn National Gaming could be players for the casino.

The reasoning of the article pointed to the fact that many inside the industry don’t know what the MGC is going to do. However, Wynn Resorts president Matt Maddox is believed to have some insight into what the investigation will result in for Wynn Resorts. But he doesn’t know what that is.

The Motley Fool article pours gasoline on the fire of interest on what Wynn Resorts is doing to protect its investment in every way.

Continue reading “Waiting for Answers” →