Encore rolls out newest eatery, Frank and Nick’s a jackpot

Wynn-Bet newest sports bar unveiled

Encore Boston Harbor Casino and Resort. (Photo by Jim Mahoney)


By JOSH RESNEK

Part of Encore’s effort to come to terms with itself and what it ought to be is all bound up in a new venture by two Boston restauranteur legends.

Frank DePasquale – the man literally with all the dough and much of the skill – is partnering with his gambling buddy, the bon vivant Nick Varano to launch Frank and Nick’s for the new casino sports betting bar.

The eating and betting venue is Encore’s newest and most dynamic entry into the electronic betting world.

Opening on September 4, the restaurant will feature more than 60 televisions, including a mammoth 10-foot high and 123-foot-long video wall.

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Swirling Wynns

Encore Boston Harbor. (Photo By Jim Mahoney)

Shareholder lawsuit against resort giant moving forward, roller coaster share prices

By JOSH RESNEK

For those of you who follow the stock market’s ups and downs, the past few weeks have seen the decline in the price of Wynn stock.

If you own Wynn stock, then you have experienced rather wide highs and lows during the past year.

Obviously, the close down of casinos and their hotels did not help stock prices during the pandemic.

But the pandemic is over – at least it seems to be over – except for those who refuse to get vaccinated.

The so-called variant virus is now attacking those who have not been vaccinated, and this includes younger people and children of school age.

The variant is attacking even those who have been vaccinated.

This could be problematic for the casino industry. Uncertainty does not allow for stock prices to surge.

Wynn’s stock price has been going down.

It nearly touched its one-year low Tuesday at $98.75.

The upward surge that saw it at $114 just a few weeks ago has disappeared or coalesced, however, an investor wishes to view the situation.

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Leaving for Las Vegas, Encore president promoted

The Encore Boston Harbor casino. (Photo by Jim Mahoney)

By JOSH RESNEK

The president of Encore Boston Harbor has apparently been named a vice-president of Wynn Resorts and will be leaving the Encore in Everett for the company’s home base in Las Vegas.

Brian Gullbrants, who has been near the top of the management ladder at Wynn for about 13 years, has headed up Encore Boston Harbor since replacing Robert DeSalvio in October 2019.

Gullbrants opened the noted Encore Casino and Hotel in 2008 in Las Vegas.

Wynn officials did not respond to the Leader Herald for confirmation of the change reported to us by sources familiar with the goings-on at Encore Boston Harbor.

Gullbrants is being replaced by Wynn Resorts Executive VP of Operations at the Encore Boston Harbor Jennifer Holaday, according to the source.

Holaday will be the third leader of the Encore Boston Harbor since its opening in June 2019.

She inherits a business that was beset by the restrictions placed upon it by the pandemic, and she will take over leadership at a time when the casino and hotel are just beginning to flex their muscles again.

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Encore suffers brutal 1st quarter earnings

Wynn Resorts undaunted, feels profits will rebound

By JOSH RESNEK

When the stock market closed Monday afternoon, officials of Wynn Resorts released the company’s first-quarter earnings report.

It wasn’t pretty.

But then, it wasn’t meant to be pretty.

For the fourth consecutive quarter, Wynn reported deplorable earnings, mainly the result of the COVID-19 pandemic, and the impossible business situation the casino and hotel world was thrown into and which it hasn’t yet come out of.

The resiliency of casino stocks is famous during hard times.

Investors and analysts know this: very few businesses can generate money and profits like casinos and their hotels when they are operating at full capacity.

Stock analysts and traders understood this and compensated for it.

Unbelievably, Wynn stock went up in anticipation of earnings being reported but ended down slightly at the end of the trading day. It closed Monday not too far away from its 52-week high of $143.88, proving that bad earnings don’t necessarily mean very much to investors trading on the NASDAQ exchange.

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Encore starting to roll again

FEBRUARY 25: Encore Boston Harbor Casino is starting to back in the game after a year of pandemic restrictions. (Photo by Jim Mahoney)

Renewed energy at the casino as gamblers flock back

By JOSH RESNEK

The difference between January and February’s revenues at Encore was about $3 million more with February marking an upbeat moment in what has been a dismal year.

Weekly visits to the Encore by this writer, and a variety of people the Leader Herald has spoken with, indicate a change of feeling.

“We can really feel a difference in energy,” said an Encore employee who is part of the crew meeting visitors to the casino front door.

“Since the hours changed, things have been getting busier and looking up,” he said.

Encore has gone through the equivalent of a catastrophe here, in Las Vegas and in Macau, where total revenues combined were down a whopping 70% in 2020.

In fact, despite being up 176% in revenues in February in Macau, the revenue figures remain dramatically down for the year.

Macau is responsible for 75% of Wynn Resorts’ revenues.

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