Wynn Resorts could make advance payments of $30 million to the City of Everett, in Massachusetts, and annually $25 million when a proposed casino has opened its doors.
The agreement has also called upon Wynn Resorts to complete a clean-up of former Monsanto chemical plant, they must also give preference to hire Everett residents for the 8,000 permanent and construction workers that will be needed to complete the casino. It is also expected that the company will pay $2.5 million annually in restaurant and hotel taxes. This agreement needs the approval from the City from votors in a referendum that is scheduled for 22nd June.
The agreement, which is a first in this region, will mark a significant milestone for Wynn Resorts, and will bring the project close to makng it happen, in a statement issued Wynn Resorts said that they were pleased that they have taken such a major step towards bringing a Wynn Resort to Everett, they believe that the host agreement will treat Everett residents in a fair manner and that it will benefit the City for future generations.
There will be no payments made uniless there is approval, from the State’s gambling commission. There are two other competing bids, this is for a single license under a 2011 law in eastern Massachusetts.
Other bidders are Crossroads Resoirt working with Warner Gaming, a Los Vegas company and the Suffolk Downs Racetrack and their partner Caesars Entertainment Corp, who have presented their proposals.
The agreement between Wynn Resorts and Everett, the officials will help the project by getting regulatory approval, assist with legislation, certificates and permits. In the agreement also asks the City to lobby the state gaming officials for any available funding and also to pursue the approval and development of the Municipal Harbor Plan.
Mike McLaughlin, City Councilor for Everett said that they were hoping to be able to build a First Class Casino, and expressed his pleasure to be involved with this project. He said this is a groundbreaking project that will also assist with the restoration efforts in the City.
The proposal by Wynn resorts is for a $1.2 billion resort casino that will be built on a 37 acre property, that used to be an industrial site, based on the Mystic River, in Mass. The plans which were recently released show that the hotel and casino will be 19 stories high with several restaurants and retail stores which will be alongside a river walk.
Wynn Resorts said that they looked forward to the referendum’s outcome and that they have requested for an election to be held on June 22. They also expressed appreciation with regard to the communities’ cooperation while they continue their efforts to build this magnificent hotel resort.