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Steve Wynn plans $1 billion hotel in Massachusetts

14 Jan 2013

By Chris Sieroty
As Wynn Resorts, Limited Chairman and CEO Steve Wynn confirms his intentions to build a $1 billion hotel-casino in Massachusetts, a key issue ahead will be obtaining local approval, a Las Vegas-based gaming industry analyst said Friday.

"To that end, there have been press reports in recent weeks suggesting that neighboring locations could oppose Wynn's site," Union Gaming Group principal Bill Lerner said in a research report. "In addition, Wynn is already bidding for a license in Philadelphia, and typically prefers to develop two projects (at most) at the same time."

Wynn Resorts is developing its $3 billion hotel-casino complex on 51 acres on the Cotai Strip in Macau and has casino projects in Philadelphia and perhaps Massachusetts.

The Massachusetts Gaming Commission has set Tuesday as a deadline for license applications. Wynn Resorts shares gained 9 cents, or 0.07 percent, to close Friday at $122.99 on the Nasdaq Global Select Market.

Wynn said his plans for Massachusetts included a $1 billion hotel as part of his plans to build a casino on an old factory site along the Mystic River in Everett. Wynn told The Boston Globe Thursday it will be "the fanciest hotel in the Boston area."

The hotel is expected to have between 300 and 500 rooms , along with upscale shops, restaurants and a spa and a casino.

Wynn Resorts is vying with Suffolk Downs and partner Las Vegas-based Caesars Entertainment Corp. for the only casino licensed available for greater Boston. Caesars has proposed a $1 billion hotel-casino project at the racetrack in East Boston.

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