Wynn Resorts – Everett Leader Herald

Costa wants more money, program ideas from Wynn

Urges richer Host Agreement for city

By Darren Costa
For the Leader Herald

The Mass Gaming Commission (MGC) held a public hearing on April 25th in the Everett City Council Chambers to discuss the proposed Encore Casino East of Broadway expansion project. A major topic was whether to hold a vote for the expansion of the Encore Casino. Overall, I support a Wynn LLC expansion in Everett’s “Entertainment District” — under some critical conditions.

Given the material increase in the Encore Casino’s gaming footprint and operations, including sports gaming, Everett and Wynn need to renegotiate the original Host Agreement.

I support Wynn because they have been a partner in cleaning toxic land, but there is more to be done. Unfortunately, Everett came up short in the first negotiation of the Host Agreement with Wynn. I would not approve expansion until we have an updated agreement that supports the interests of Everett’s residents much more thoroughly. Until now, there has been minimal contact between Wynn and Everett’s City Council. In 2022, during a City Council meeting, Wynn acknowledged and committed to a negotiation, in good faith, that considers current economic conditions and beyond. We should be ready to bring great ideas forward during this process. Here are a few of mine.

Moving forward, Wynn should lead programs in collaboration with the City of Everett. Everett needs a well-considered and enforced strategy for solving our affordable housing crisis. Currently, Everett only receives a (small) community impact fee and frankly we don’t have the capacity to develop and manage the programs necessary to drive solutions alone.

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Mystic power plant sold for $25 million to Wynn Resorts

By Josh Resnek

The Mystic Generating Station across from the Encore Boston Harbor has been sold.

Wynn Resorts is the buyer.

The price: $25 million.

Last Tuesday, the owner of the former generating station and the land it sits on, Constellation Energy completed the sale of the 45-acre property that fronts the Mystic River.

For Wynn Resorts and Encore, it is brilliant buy despite the pollution plaguing the property and the cost for taking down the power plant and remediating the pollution.

At $25 million, the cost per acre for the acquisition of the property was less than $500,000 per acre.

Considering an acre in Everett today can fetch as much as $3 million to $5 million, Wynn Resorts has made a solid investment.

It is not without its difficulties, however, Wynn has shown the ability to take the 33-acre site the casino sits on, one of the worst polluted sites in Massachusetts, and to turn it into a totally remediated lush, green wonderland with imposing modern structures built on the site.

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Encore cools off with arrival of fall; revenues drop, stock jumps Monday

**Gaming figures at Encore for the month of August were down about $6** **million from July.**

By Josh Resnek

Encore Boston Harbor Casino and Hotel revenues dropped about $6 million from August when reported by the Massachusetts Gaming Commission on the 15th of September.

The softening of the casino marketplace as the seasons change was not expected, but then, there is a great deal of volatility to the marketplace and no real way to predict what exactly figures will be from month to month.

The big news this week was the announcement by the government of China that the gambling resort in Macau has a new and improved COVID-19 recovery plan.

This is expected to allow thousands more gamblers the possibility of visiting the resort’s gaming houses without running into complicated difficulties with restrictions caused by COVID-19 which has plagued the industry there since 2020.

News surfaced over the weekend that Macau had been OK’d to resume issuing electronic visas for individuals and tour groups in late October or early November. J.P. Morgan analyst Joseph Greff said that would be the “first meaningful” easing of travel restrictions to the gambling center since the start of the COVID-19 outbreak.

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Wynn Resorts Stock in Tailspin As Stock Markets Plunge

By Josh Resnek

Since Wynn Resorts took a major stake in Everett, the Leader Herald has followed the value of its stock.

The past year has been a disaster for stock investors who believe in the company.

Wynn Resorts stock this week is way down from loftier heights, as are most stocks during this post-pandemic era when interest rates are rising with inflation and the economy of the world is going through a dramatic moment.

Last June, Wynn Resorts stock price stood at $125.00.

This June, the price has bombed to $57.00.

Wynn Resorts is a cash rich company with financial resources quite unlike many other corporations.

For instance, the casino and hotel in Everett has been grossing more than $60 million a month for the past four months.

With a cash flow like that, almost anything is possible for the company which is continuing to expand its influence and economic impact in the immediate area on lower Broadway where it is located.

The stock price may be way down but the company’s ability to generate enormous amounts of cash from its locations in Las Vegas and in Macao is unusually potent. It serves as an antidote to the weak stock price.

However, with the stock at $57.00 a share, the value of the company overall has declined dramatically.

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Fallout From Encore Land Deal Earns Wynn Resorts Victory in Federal Court

JANUARY 16: Encore Boston Harbor is reflected in the Mystic River. (Photo by Jim Mahoney)

Gattineri to Appeal Failed $19 Million Lawsuit

By Josh Resnek

A promise and a handshake by a high ranking Wynn Resorts official with one of the casino land owners was not enough to allow the landowner’s Federal lawsuit to prevail.

Anthony Gattineri’s contract dispute arising out of the sale of the Everett land for the construction of the Encore casino and hotel sought to have Wynn Resorts pay him what he believed was due from the sale.

He wanted $19 million he believed he was owed after the price for the land was dropped dramatically by agreement between the Gaming Commission, officials from Wynn Resorts, and even his own partners in the real estate deal.

Gattineri’s fight to regain money he believes was his and to fully exonerate himself after being prosecuted for crimes related to the land sale, (he was found innocent in Federal District Court by a jury), is another barrier in then long road to ultimate justice for the Winchester businessman and entrepreneur.

“I am appealing this ruling. I am not giving up until I get what I am owed,” Gattineri told the Leader Herald.

Gattineri’s claim arose from a meeting he had with a former Wynn Resorts executive Rob DeSalvio, one of the key players in the Everett Encore project.

Gattineri claimed DeSalvio promised to make Gattineri “whole,” according to the 25 page ruling issued by F. Dennis Saylor IV, the Chief Judge, United States District Court in Massachusetts.

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