Saturday, May 18, 2019

GoLocalProv Business Team

 

MGM who owns the Springfield casino is now in talks Wynn Resorts to buy the soon to open Encore Boston Harbor resort and casino in Everett, MA.

The Encore is expected to have a significant adverse impact on Twin River’s revenue — it is scheduled to open in June.

“Wynn Resorts and MGM have engaged in conversations in the past several weeks about the potential sale of Wynn’s Encore Boston Harbor property in Everett, Mass., the companies said Friday in a statement. The 671-room hotel and casino is slated to open in June,” reports the Wall Street Journal.

“The talks ‘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,’ the companies said in a joint statement. “We cannot say today where these conversations will lead, however we can reaffirm our commitment to the communities where we operate today,” reports WSJ.

GoLocal reached out to Twin River CEO John Taylor to see if his company has been in discussion for Wynn’s Encore facility. He did not respond to inquiries.

The MGM casino in Springfield has underperformed projects and its monthly gaming activities have been stagnant since opening the facility in August of 2018.

In September of 2018 — the properties first full month is generated $190 million in total gaming revenue. It has only exceeded that number once — it March MGM Springfield did $200 million, but fell back to just $175 million in April.

 

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