Wynn Resorts has proposed to construct a $1.2 billion casino in the city of Everett and is expected to get approval for a number of permits by the end of the month that will make way for construction to start. The new casino is scheduled to be constructed on the Mystic River at a former polluted chemical site. Wynn Resorts is expected to pay out around $850 million during the next 15 years to the state of Massachusetts and the city of Everett for the project.
Wynn’s Everett casino will pay the state of Massachusetts a daily tax of 25% on its gross gaming revenue. The $850 million will be split into a number of payments out of which $210 million will be spent on community mitigation and a significant amount will also go to the Massachusetts Bay Transportation Authority (MBTA). Wynn will pay $206 million on transportation enhancements that include an Orange Line subsidy, water transport and a shuttle. An additional $56 to $76 million will be spent on improvements to road infrastructure. The city of Everett will also receive around $358 million in tax payments from the Wynn casino.
In a statement, Robert DeSalvio, President of Wynn Everett said “The payments from Wynn to the MBTA will have a far-reaching effect beyond the Wynn Resort in Everett. Shoppers and diners from Assembly Row and Malden will benefit from the increased service we’re funding, as will riders going to and from downtown Boston and the Back Bay. Every stop on the Orange Line—including Chinatown, TD Garden and Faneuil Hall—will realize reduced wait times day and night from the capacity Wynn is subsidizing. The more trains we add the more people will use public transportation for work and play, all while lowering the number of cars on the street.”
Wynn Resorts will also invest millions of dollars to clean up the polluted Mystic River site and make it safe before construction begins. The new casino will be located on the Everett Waterfront which has been blocked for many years and will be the biggest attraction in Everett ,expected to draw a large number of tourists.