Wynn Resorts has decided to cut back on what will be offered at the new Everett Casino in Massachusetts.
Three years ago, Steve Wynn of Wynn Resorts pitched an idea for a casino in Everett, Massachusetts. The CEO of Wynn Resorts was able to earn licensing and told regulators at the time that his idea was to create a quality gaming resort that would include high-end retail brands such as Louis Vuitton, Armani and Chanel. Such retailers seemed to be ready to join Wynn in this venture. However, it seems getting the big brands was difficult and Wynn is now reporting that the Mystic River casino will feature less retail brands than anticipated.
Significant Changes Announced
Top executive in Massachusetts for Wynn Resorts, Robert DeSalvio, stated that significant changes have been made to the Everett casino plans, which originally had a projected cost of $2.4 billion. The amount of space set aside for retail shops at the venue will drop significantly, at more than 80%. Only 9,000 square feet of retail space will be offered as opposed to the almost 53,000 square feet that had been originally projected. This is a loss of around ten stores.
The changes to the project represent a small portion of the overall project which is 3.1 million square feet in size. The project however will shift to focus more on convention and meeting space for the hotel and casino, with minimal focus on retail shopping.
Will the Gaming Commission Approve?
Industry experts believe that the Massachusetts Gaming Commission will still approve the changes to the plan, despite the big change from the original pitch. A spokesman for the gambling commission was asked about the changes and did not comment but stated that the agency is going to monitor the process closely and decisions will be made as necessary.
Clyde Barrow is a gambling consultant who has followed the Everett casino and commented that the retail space was a big part of the original presentation. Barrow did not get the impression that the Commission was dissatisfied with the plans and even if they were the state is too deep into the process to pull back now in regards to licensing.
More ballroom space will be added to the project to take place of some of the missing retail stores. A new casual Italian restaurant is going to be added along with an oyster bar for dining. A craft beer hall is in the works that will offer local brews for visitors.
One would think that the employment opportunities might drop due to the loss of retail stores but the casino project has estimated that employment will actually increase with the addition of 177 positions under the new plan. This is due to the fact that the new restaurants will require more staff than a retail store would. Overall, the gaming resort should employ as much as 4,500 individuals.
Construction remains on track for the Wynn Everett Casino with the hotel expected to open by the middle of 2019. The hotel will include 671 guest rooms.
What Happened to the Luxury Stores?
So you may be wondering what happened to all the luxury brands that seemed so interested in the project. Apparently, many luxury retailers were hesitant to move into the space along Newbury Street and decided to pull back their support. Some luxury brands will still be represented on-site via a Wynn-run store located in the hotel titled the Wynn Collection.
Wynn could have went with any retailers in the space but wants the Everett venue to be a luxury experience.