The battle between Boston Mayor Martin Walsh and Wynn Resorts chairman and billionaire continues to remain in the spotlight as both parties continue to engage with the media and state their point of view on the proposed $1.7 billion Wynn Everett mega-casino resort in the state of Massachusetts.
Last week Mayor Walsh released a statement which said that Steve Wynn should not consider his efforts to protect the citizens of Boston as a personal spat and stated that Wynn should not take things so personal. This was after Mayor Walsh decided to file a second lawsuit alleging that the critical environmental permit that Wynn Resorts obtained must be revoked as the licensing process was violated.
Wynn retaliated by filing a petition stating that his company was being subjected to political harassment and the two lawsuits filed were proof that political parties were trying to stop and prevent the casino from being constructed. On the 15th of October, Steve Wynn had a call with his investors and was very open on his views about the Wynn Everett casino and his opinion on Mayor Walsh.
Steve Wynn told investors “We’re happy that we’re moving forward in Massachusetts, in spite of the friction created by the mayor and the administration in Boston, which for some reason is unwilling to accept the decision of the [Massachusetts Gaming Commission] gracefully and keeps trying to use various tactics to say that we are in Boston, not in Everett. It may sound laughable at this point, and in a perverse way it is a comedy. But it did cause us delays, but happily they’re pretty much behind us now.”
Wynn Resorts plans to break ground for the Wynn Everett project during the spring of 2016 and if everything goes as per plan, the casino will be open to the public before the end of 2018. A representative of Mayor Walsh stated that the Mayor’s office would explore all options on the table to reach a mutual agreement but at the same time had to proceed with legal proceeds in order to protect the best interests of the people of Boston.
During his call Wynn also highlighted the troubles the company was facing in Macau due to the anti-corruption crackdown launched by Beijing and addressed the significant drop in revenue. The company has witnessed a 30% drop in revenue when compared to the same period in 2014 and its stock prices have dropped from $180 in October 2014 to just $70 in October 2015.
Wynn told investors that the problems in Macau and the decline in the gambling industry have caused Wynn Resorts to focus even more of its attention on developing the U.S. market.