Wynn Resorts announced Mr. De Salvio’s departure. The former Encore Boston Harbor President was with the property for five years and overseeing the construction process and assembling the team that launched the luxury resort were a few of his responsibilities as its boss.
Encore Boston Harbor, the latest addition to Wynn Resorts portfolio of properties, generated $175.8 million in operating revenue during its first full quarter Encore Boston Harbor.
The revenue from Encore’s slots and table games amounted to $114.9 million during the third quarter of the year. While proceeds from the Massachusetts property represented just a fraction of Wynn Resorts’ overall quarterly operating revenue of $1.71 billion, they were more than enough to offset losses continued due to the poorer performance of the operator’s Macau-based resorts.
Encore’s gaming revenue was responsible for most of that slide, falling from $52.5m in August to just under $49m. Encore’s table games were responsible for the decline, dropping by $5.25m to $27.1m, while Encore’s slots revenue was up $1.65m by nearly $21.9m.
Everett, Mass., Encore’s suburban Boston home, got Wynn to pony up $68 million to clean up a former Monsanto chemical site and spend some $50 million on infrastructure improvements. It is also laying out more than $100 million to acquire parcels for future development, according to Everett Mayor Carlo DeMaria. Wynn says it avoided duplication of Boston’s tourist assets. “For example, the resort does not have its own theater, and instead directs tourists to the local theaters and sports complexes through various partnerships.” DeMaria, however, acknowledges that might not be the case when Wynn expands on adjacent properties. Maddox said Wynn Resorts will turn its attention to major expansions and overhauls of its flagship casinos in Las Vegas and Macau. Wynn is also among the casino companies looking to win a license to operate Japan, which recently legalized casino gambling.
Wynn had initially offered some $46 million in one-time and annual payments. It ultimately agreed to about $76 million in payments, including submitting to financial penalties in the event vehicle traffic is greater through the square than the company’s projections. Maddox said the company is also moving past the scandal that nearly crippled it last year: the allegations of sexual misconduct against Steve Wynn, the company’s founder and namesake. Steve Wynn has denied the misconduct allegations, but resigned as CEO and sold off his company shares last year.
A longtime confidante of the casino mogul took over as CEO and oversaw the overhaul of its executive team, its board of directors and its sexual harassment and discrimination policies.
“More first-class convention space will make Chicago a more successful convention city. You’re going to have a monopoly in the city, even though you have a lot of competition in the metro area. The potential to bring people into Chicago is much greater than Boston.”
Commissioners also noted that opportunities to redevelop heavily polluted sites like the former Monsanto chemical plant are extremely rare.