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MGM Interested In Wynn's Tainted Boston Casino

Casino Giants Could Make Deal For Wynn Boston Harbor

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Rival Las Vegas casino operators Wynn Resorts and MGM Resorts could be making a high-stakes deal over in Massachusetts.

Per a report from the Wall Street Journal, the casino giants are in early discussions regarding Wynn Boston Harbor, a roughly $2 billion casino slated to open in 2019. The casino was eyeing a 90-table poker room.

As most are aware of by now, Wynn Resorts founder Steve Wynn has suffered seemingly irreparable reputational damage thanks to sexual misconduct allegations at his Las Vegas casinos, reported by the Journal in late January. Regulators in Massachusetts have indicated that they are considering excluding him from the state’s fledgling casino market. In other words, they could revoke his 15-year license for the Boston-area casino.

“The [Massachusetts Gaming] Commission is now aware of and is taking very seriously the troubling allegations detailed in the Wall Street Journal article,” regulators said in a statement in February. “The suitability and integrity of our gaming licensees is of the utmost importance, and ensuring that suitability is an active and ongoing process."

Wynn himself has moved to take his name off the company’s gaming license in the Bay State.

If MGM acquires Wynn Boston Harbor, it would be the company’s second Las Vegas-style casino in the state. MGM is currently developing a casino in Springfield.

Massachusetts eyed about $260 million in annual tax revenue when it granted approval for the Wynn project in 2014. About 4,000 people are slated to work there.

However, per a report from the Motley Fool, it’s likely that MGM would have to sell the Springfield casino in order to own the one outside Boston, which sits in the town of Everett.

Earlier this year, Mr. Wynn cashed out of Wynn Resorts, which was seen as a move to appease regulators. Wyyn Resorts stock still has yet to cover after dropping sharply in January after the explosive sexual misconduct allegations. Wynn has denied any wrongdoing.

 
 
Tags: Wynn,   Boston,   Massachusetts,   MGM