{"id":24180,"date":"2019-05-18T07:28:15","date_gmt":"2019-05-18T15:28:15","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=24180"},"modified":"2019-05-20T06:59:35","modified_gmt":"2019-05-20T14:59:35","slug":"wynn-cuts-and-runs","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wynn-cuts-and-runs\/","title":{"rendered":"Wynn cuts and runs"},"content":{"rendered":"

Wynn Resorts<\/strong> might be willing to pay $20 million to remain licensed in Nevada but $35 million in Massachusetts<\/strong> was Just Too Much evidently to \"\"hang onto $2.6 billion Encore\u00a0Boston Harbor<\/strong>. In one of the most precipitate decisions in memory, Wynn has entered talks with MGM Resorts International<\/strong> to unload its new trophy property<\/a> to the lion’s den. This also means that MGM could be jilting Springfield<\/strong>, where its newest casino has underperformed. Admittedly, Encore might be sold to MGM’s REIT, MGM Growth Properties<\/strong> and the company could try to hang onto both but that runs a cart and horses through the intent of the Bay State’s one-casino\/one-company law.<\/p>\n

All Springfield Mayor Domenic J. Sarno<\/strong> had to go by was vague assurances. As he stated to the media,\u00a0MGM\u00a0President Bill Hornbuckle<\/strong>\u00a0“reached out to me late [Thursday] evening to indicate that Wynn Encore had reached out to MGM wanting to speak with them and again, this is all speculative. Bill reassured me of MGM\u2019s commitment to Springfield and that \"\"if anything was to be entertained, and\/or occurred, that myself and the [Massachusetts<\/strong>]\u00a0Gaming Commission<\/strong> would have a big and ultimate say in what might or might not happen.\u00a0The biggest take here is that Bill reassured me of their commitment to the City of Springfield and I will always continue to stand and fight for what is best for our [city]. This is preliminary and conjecture at this time. We had a very good and mutually respectful conversation.\u201d How MGM would remain committed to Springfield while apparently defecting to Everett<\/strong> was not explained, unless MGM has come clever plan to have its cake and eat it simultaneously.<\/p>\n

Any deal would have to be approved by the Massachusetts Gaming Commission, which is adamant that Wynn pay its fine (plus a $500,000 penalty on CEO Matt Maddox<\/strong> for incompetence) by May 31. When reporters \"\"came calling, Gov. Charlie Baker<\/strong> (R) dove under the table, putting everything in the MGC’s lap. Despite the timing, Wynn says this is nothing new:\u00a0\u201cOver the past several weeks, we have engaged in conversations around the potential sale of Encore Boston Harbor.\u00a0They are very preliminary and of the nature that publicly traded corporations like ours often engage in, and in fact when opportunities such as this are presented, we are required to explore …\u00a0Our conversations will not impact the jobs at our facilities and will not impact the opening of Encore Boston Harbor.” So it’s just a matter of maximizing shareholder value? Yeah, that’s the ticket.<\/p>\n

We will follow this story as it unfolds.<\/p>\n","protected":false},"excerpt":{"rendered":"

Wynn Resorts might be willing to pay $20 million to remain licensed in Nevada but $35 million in Massachusetts was Just Too Much evidently to hang onto $2.6 billion Encore\u00a0Boston Harbor. In one of the most precipitate decisions in memory, … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[112,245,25,233],"tags":[],"_links":{"self":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/24180"}],"collection":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/comments?post=24180"}],"version-history":[{"count":2,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/24180\/revisions"}],"predecessor-version":[{"id":24186,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/posts\/24180\/revisions\/24186"}],"wp:attachment":[{"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/media?parent=24180"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/categories?post=24180"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/wp-json\/wp\/v2\/tags?post=24180"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}