Wynn Resorts Confirmed the Encore Boston Harbor Sale This Week

Boston Encore Sold Background

Wynn Resorts dropped a huge piece of news earlier this week. It’s been confirmed that this major casino operator has chosen to sell one of its most popular properties. Today, we’ll talk about some of the details surrounding the Encore Boston Harbor sale.

This casino is one of just three in the state of Massachusetts. The sale of the Encore Boston Harobr is not exactly what it sounds like.

Here’s what you need to know!

The Encore Boston Harbor Sale has Been Confirmed

Massachusetts is home to some of the most popular casinos on the East Coast. Only three casinos currently operate in the state, each of which helps to bring in major tax revenue for the state each month. The Encore Boston Harbor opened its doors in 2019 and quickly became the most successful gambling venue in the state.

This property has been owned and operated by Wynn Resorts since its opening. Wynn Resorts has often praised the success of this venue. It recovered well from the shutdowns in 2020 and posted very impressive revenue reports throughout 2021.

To the surprise of many analysts, Wynn Resorts has just confirmed the Encore Boston Harbor sale. This company has agreed to sell the land and real estate to San Diego-based real estate company, Realty Income. The sale price was said to be $1.7 billion.

Only the building and its land has been sold. Wynn Resorts will continue to operate this venue, paying an annual fee of $100 million to Realty Income as rent. Craig Billings, CEO of Wynn Resorts spoke about this move in an official company statement this week.

“The proceeds of the transaction… provides us with liquidity for several of our upcoming development projects and the potential to retire other debt,” Billings said. 

Wynn Resorts is focused on expansion and selling its Encore Boston Harbor property is giving the company revenue to do exactly that . So how is the gambling industry in Massachusetts expected to fare throughout 2022?

Expect to See More Gambling Options Appearing in Massachusetts Soon

The casino industry in Massachusetts is still very new when compared to others in the country. Despite that fact, the casinos here help to bring in a large amount of tax revenue for the state each month. Some lawmakers are pushing lawmakers to allow for new casinos to open here in the near future.

That would not be much of a surprise. Some of the country’s top casino companies would likely jump at the opportunity to open a gambling venue in this state. That would result in even more revenue going to the state, helping to fund various projects.

It seems likely that sports betting will be made legal here in 2022, as well. Lawmakers have already presented several bills that will allow for legal sportsbooks to begin operating. Bipartisan support for sports betting now exists in Massachusetts and many experts predict this state will develop one of the most successful sports betting industries in the country.

The main question is whether or not the state will allow both online and retail sportsbooks to operate. States only allowing land-based sportsbooks see much lower revenue figures than the ones with mobile betting options available. Several of the most recent proposals in the state will allow online sportsbooks to operate, yet betting on college teams in Massachusetts will likely remain prohibited.

Casino revenue is expected to continue surging in Massachusetts this year. Those involved with the Encore Boston Harbor are certainly confident in that fact. Stay tuned for gaming revenue reports in this state over the next couple of months.

Is New York Set to Expand its Casino Industry Soon?

The gambling Massachusetts is still far behind some of the others in the Northeastern United States. This region of the country is quickly turning into a major gaming hub. Many of the states in this area have numerous casinos and sportsbooks up and running.

New Jersey is typically thought of as the area’s most successful gambling hub. Atlantic City is known as one of the country’s top casino destinations. New Jersey’s gambling industry is beginning to face more competition from nearby states, though.

New York is working to expand its gambling industry. Just one month ago, lawmakers here gave permission for online sportsbooks to begin operating. These mobile sportsbooks brought in almost $2 billion in their first 30 days of operating.

Some expect New York’s casino industry to expand soon, too. All of the casinos in New York are based in the Upstate area right now. A push to open a casino in New York City has been taking place for years and it would not be a shock to see this happen in the next couple of years.

What do you think of the Encore Boston Harbor sale? How will the gambling industry in Massachusetts do over the rest of 2022? Let us know in the comments section below.