Boston-area poker players will have a longer wait than first expected to enjoy the new poker room planned as part of a large-scale expansion to Wynn Resorts' Encore Boston Harbor venue, in the inner Boston suburb of Everett, Massachusetts. And in a worst-case scenario, the planned room might never open at all.
Wynn's plans for the 1.7-million square foot expansion have been put on indefinite hold amid stalled negotiations with Everett officials over how much revenue from the expansion will go the city's way.
The expansion had been approved by the city in general terms, pending a final financial agreement between Wynn Resorts and Everett officials, but those negotiations are at an impasse.
As first reported by the Boston Globe, Wynn Resorts and the City of Everett remain far apart on what percentage of revenue from the expansion, planned to be built south and east of the existing casino, should go to the city.
A Wynn spokesperson told the Globe that the city's demands “simply do not make the project viable, given the other current opportunities we have for deployment of our capital.”
A majority of the revenue from the expansion would be generated from non-gaming activities, though a new and expanded poker room and sports book are part of the expansion's plan. The new facility would also include two hotels, shopping, numerous restaurants, and entertainment venues.
Investment funds to be redirected
Wynn execs disclosed the stalemate in a May 7 Q1 2024 earnings call with investors. Wynn CEO Craig Billings shared the news in a briefly worded disclosure, stating, "On the development across from Encore Boston Harbor, we have put this development on hold for the time being as we have been unable to reach an agreement with local authorities on certain financial terms. Though it's disappointing, we have numerous other development projects globally where we can redirect the capital we intended to deploy in Boston. Turning to Macau..."
Everett Mayor Carlo DeMaria, speaking to Boston.com, acknowledged that the expansion's planned offerings would dramatically improve both the casino and the area as complete entertainment destinations. However, Wynn's revenue-sharing proposals have been deemed insufficient to date.
“I have been very clear with Wynn representatives throughout our negotiations that any agreement regarding this expansion has to be in the best interests of the residents of Everett," said DeMaria. "I am glad that business is good at Encore, but I am in the business of reaching the best deal for the residents of my hometown.”
The planned expansion has endured a troubled history to date, including the need for Everett's city council to clarify zoning language affecting the parcel of land where the expansion was to be built. Wynn's plans called for a skywalk to directly link the expansion's various amenities to the main casino floor in the existing casino, located just across a service road.
