Wynn Resorts might currently be considering selling its Boston Harbor property, which is still under construction. Rumor has it that the company’s new CEO, Matt Maddox, has started informal talks with potential buyers. The Boston Harbor Integrated Casino Resort is a $2.4 billion project that has come under threat in recent months.
Wynn Resort’s CEO has reportedly informally discussed the sale of the Boston Harbor Casino Resort. This move has been prompted0 by fears the company might lose its gaming license, due to the allegations against Steve Wynn.
Boston Harbor Sale Unconfirmed Rumors at this Time
An anonymous source reported that Maddox had started taking calls regarding the potential sale of the Boston Harbor property. A spokesman for Wynn Resorts has declined to comment on the rumors about any potential sales talks. In addition to this, the Massachusetts Gaming Commission (MGC) has also said it is unaware of any negotiations related to the sale of the Boston Harbor property.
The MGC would need to sign off on any deal to sell as there would need to be a transfer of the gaming license. Last month, the president of the Boston Harbor project, Robert DeSalvio, did mention that the company was considering changing the name of the building, but he didn’t mention anything about trying to sell it.
Boston Harbour Fears Caused by Allegations against Steve Wynn
The rumors of a sale are a direct response to the allegations against the founder and former director of Wynn Resorts, Steve Wynn. He has been accused of numerous sexual assaults, going back decades. Due to these allegations, the MGC launched an investigation into Steve Wynn and Wynn Resorts. Wynn resigned and sold off his shares, but this may still not be enough. The investigation puts the Boston Harbor casino gaming license in jeopardy. Wynn Resorts paid $85 million for the licence but it can be revoked at any time.
Some believe that Wynn Resorts is genuinely worried it will lose its license. If this happens, it will be far more difficult to sell the Boston Harbor Property. Another thing to keep in mind is that Massachusetts won’t want the building to remain unfinished or sit unused. This will probably form part of any decision the MGC makes.
The other question is who would buy the project if Wynn Resorts seriously pursues selling it? It will take another $1.3 billion to complete, and Wynn Resorts will want to make back their money. The only real possibility according to many experts is MGM Resorts. MGM is also rumoured to be considering a take over of Wynn Resorts as a whole, not just the Boston Harbor casino resort.