Wynn and MGM Resorts Consider Boston’s Encore Casino Purchase

Two of the biggest and most popular brands in the iGaming industry, Wynn and MGM Resorts International are considering the sale of Boston-based Encore Casino. Both sides have announced a t statement…

…but with no precise details. As far as the declaration reads, the discussions are currently in a very preliminary stage. The license seems to be among the hottest topics to discuss regarding the venue, as only one, Encore’s certificate, will be allowed in the state of Massachusetts.

The Deal with Enormous Potential

Wynn Resorts CEO, Matt Maddox, and MGM CEO, Jim Murren, met in person in Las Vegas earlier in May to discuss a possible transaction of Wynn’s nearly finished Encore Boston Harbor casino complex in Everett. As far as the corporations acknowledged a potentially colossal deal that would dramatically change…

…the gambling landscape in New England. The meeting was held just weeks before the scheduled opening of the $2.6 billion worth Encore. Moreover, it came days after the Massachusetts Gaming Commission concluded a 15-month investigation related to accusations of sexual misdeed by its founder and former chief executive, Steve Wynn.

Highly Desirable License

As per MGM Resorts did not comment, but if it buys the Encore casino, it would have to sell its license for a casino in Springfield, MA.

Just to remind you, state lawmakers introduced three different sports wagering bills in January this year. They created separate proposals for making both online and retail sports betting legal. As far as it is mentioned, only the existing state venues…

…should have permission to offer sports betting. Though the bills are still not assigned to the Senate committee, experts from the Gaming Commission claim that the legalization of sports wagering in the state could generate an annual gross gaming revenue (GGR) of around $408.6 million.

Busy Days for Giants

In the meantime, MGM International continues the expansion on distant markets which open their doors toward foreign partners. The company stands solid chances of being granted one of the three announced licenses for Osaka IR. By implementing a wise and detailed strategy, the corporation set foundations and showed interest in conquering this market. On the other hand…

… Wynn Resorts is considering the acquisition of Australia’s Crown Resorts. The proposed deal is of quite a significant financial value, AU$10bn. This led to Crown’s rapid growth in shares by no less than 22%. These deals are still in the negotiating phase, without definite information whether the transaction will actually take place.

Source:

“Wynn eyes sale of Encore casino”, boston.com, May 17, 2019.

“Wynn Resorts and MGM Engages in Conversation about the Sale of Encore Casino in Boston”, Niji Narayan, europeangaming.eu, May 21, 2019.