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

A passerby walks on the sidewalk past a colorful abstraction across from the casino. (Photo by Josh Resnek)

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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Encore Takes Step Back on Auditorium Development After Pushback

Encore Boston Harbor . (Photo by Jim Mahoney)

The Plan for an Entertainment Venue Put on Hold

By Josh Resnek

The rollout of the auditorium development intended for land across the street from the casino and hotel was a typical Encore public relations victory.

They fed the story to the Boston Globe. The Boston Globe carried the report first early in December, 2021 with a glowing appraisal of the 1800 seat auditorium and parking garage to augment the casino and hotel operation across the street.

But then on December 28, after the Gaming Commission got involved following complaints from a number of theater owners, that the project as reported by the Globe didn’t seem right.

What’s worse, the Globe later reported, a number of theater owners who tend to compete with one another had complained – to the Globe and the Gaming Commission that Encore’s development plans didn’t seem legal.

Another Globe piece this time discussed the Massachusetts Gaming laws which do not allow casinos to build entertainment venues, with an explanation about the Encore development proposal.

“State gaming law blocks performance venues at Casinos but Wynn aims to build one next door in Everett…” the Globe wrote.

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Two New Gambling Venues to Compete With Encore, MGM, and Plainville

JANUARY 8: Encore Boston Harbor and the Exelon Plant in the late afternoon sun. (Photo by Jim Mahoney)

Casino Landscape Expanding in Massachusetts

By Josh Resnek

The Wampanoag Indians have the right to open a casino and that dance has begun at the tribal level.

The Martha’s Vineyard Indians have the same right. They have been trying to for some time to develop a casino but the project remains mired in court.

Two new casinos will change the Massachusetts gaming world but will not greatly effect those already doing business in it.

Everett’s Encore Boston Harbor Hotel and Casino has no peers in the casino gaming world in Massachusetts.

Nothing compares to the ability of Encore to generate huge sums of money on its gaming floors.

In addition, no hotel in the region outdoes the Encore Hotel for luxury, size of its suites and aesthetic detail.

Many Bostonians do not care for or take an interest in the Encore crescent shaped bronze faced edifice but the quality of its rooms and appointments is unparalleled.

Until last month’s dramatic revenue dip, Encore had been heading for casino cash cow stardom – and its hotel on the weekends had been packed.

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