The Encore Boston Harbor is set to officially open its doors this weekend. Casino fans in the Boston area have a lot to look forward to. Interestingly, this new casino resort in MA is located in Everett, an area not typically thought of as a tourist destination.
The Encore is taking a risk opening at this location. The goal is to change Everett from an industrial district into a luxury resort town. Is that really possible?
Encore Boston Harbor’s Unusual Location Choice
On the surface, it doesn’t make a lot of sense to see the Encore opening up in Everett.
This casino-resort has been dealing with serious uncertainty over the past few months. Not long ago, there were serious talks that MGM would purchase this new establishment.
In May, MGM announced they had pulled out of the deal. The Wynn-owned casino will now open up on its own terms. It is located in an industrial zone home to a water and sewage agency, a subway repair yard, and a power plant.
Everett is not a major tourist destination. Carlo DeMaria, Mayor of Everett, wants to see this change. “We were ready for something like this,” he said. “Everett will no longer be that place where the scrap yards and the used car lots and the power plant are.”
This small city in the middle of major renovations. A $70 million state project is taking place to clean up the chemical plant and make way for a 6-acre park. The Wynn is also working to help this area thrive. The company has purchased old homes and businesses surrounding the casino to redevelop the area.
What Will the New Casino Resort in MA Include?
Wynn Resorts has a proven track record of operating successful casinos. This major gaming company currently runs casinos in Las Vegas and Macau. In 2016, Wynn Resorts earned nearly $4.5 billion in revenue.
The new casino resort in MA cost $2.6 billion to construct. It includes a lobby carousel featuring 11,000 jewels and 83,000 flowers with a $28 million sculpture of Popeye from artist Jeff Koons. Rooms for this hotel are starting at $650 per night.
The Vegas-like opulence of the Encore Boston Harbor is apparent. Hope is that this casino-resort brings in major VIP players in the US Northeast area. Officials at Wynn Resorts also expect to draw in major players from Asia.
This is just the second casino-resort located in Massachusetts. Unfortunately, some analysts feel that the new gambling venue won’t meet its revenue goals. Let’s look at why that is.
Revenue Forecast for Encore Boston Harbor
Much of the Northeast region of the US has struggled to bring in solid casino revenue figures. The one exception, of course, is Atlantic City. This New Jersey city has posted revenue gains for the past 12 months.
Location is also a concern for the Encore Boston Harbor. This casino is located on the Everett waterfront. Shuttles are required for visitors to reach the venue. These shuttles will bring in an estimated 8 million gamblers each year.
Not everyone is giving this casino a bleak revenue forecast. As of now, it’s the only gaming venue in the Boston area. The closest casino resort is more than an hour’s drive away. Some gambling experts predict that the new casino resort in MA will bring in $600 million during its first year of operating.
There are many questions over how the new casino will fare. Will locals forget about Everett’s industrial ghosts? Can this resort bring in high-rollers from around the world? Make sure to stay tuned for updates on the situation as they come out.