Wynn and Boston Finalize Agreement for Everett Casino
The Great Boston Casino War is over.
On a 3-0 vote, the Massachusetts Gaming Commission approved an agreement between Boston and Wynn Resorts on Thursday, brining an end to a long-running dispute between the two entities over the future of the $1.7 billion gaming palace in Everett.
The new deal, struck late last week, blocks any future legal action from Boston against the project and provides Boston with millions in benefits, including pure cash. One of the key parts of the agreement revolves around $25 million in improvements at the notoriously congested Sullivan Square rotary.
The new agreement guarantees Wynn will pay Boston $2 million in cash each year for the next 15 years while spending at least $25 million on goods and services from Boston-based vendors. The $2 million figure is a $400,000 increase from the original $1.6 million deal the city rejected in early stages of negotiation.
Terms of the new agreement also require Wynn to pick up $750,000 of the $1.9 million Boston spent on legal fees to fight Wynn and the commission. Work on a possible new public park, as well improvements to the Boston waterfront, are also part of the new deal.
The new 24-floor Wynn Everett resort is expected to create 4,000 permanent jobs when it opens in 2018. It will be the only hotel in all of Everett. Work began on the casino in September.