Wynn Resorts Seals License for $1.6 Billion Development in Massachusetts

After securing a license for the massive gaming project, Wynn Resorts still has to deal with a possible repeal of the state’s gaming laws.

Massachusetts gambling regulators and the famous Wynn Resorts have come to an agreement for the license of proposed casino project that is valued at a staggering $1.6 billion. However the problem that the gaming giant may very well face in a November ballot concerns the repeal of the casino law in Massachusetts.

Voters will have their say on November 4 whether they would like to prevent the construction of the ambitious Wynn development in Everett, Massachusetts. Should the majority decide on the repeal, it would spell a disaster for Wynn who has invested a great deal already. Also, a repeal would go against a 2011 casino law that initially opened the door to casinos.

Residents of Massachusetts hold the key

• November 4 Massachusetts voters will decide on repeal

• MGM Resorts and Penn National Gaming also involved

• Opposition remains skeptical about the planned developments

Senior vice president of Wynn, Robert DeSalvio, said that all the power lies with the residents and that the casino giant hasn’t decided on how to approach this matter yet. “We have always said that it is up to the citizens of Massachusetts to make that decision come November. Whether or not we get involved at a later date, we really haven’t come to that conclusion.”

Although Wynn faces the biggest challenge considering their advanced progress to develop the casino, there are some other groups that are concerned about the ballot later this year. MGM Resorts and Penn National Gaming were also among the entities that were granted gaming licenses from the state, after passing regulation set by US gambling laws.

These two respective companies have so far contributed at least $1.7 million into a political committee that will be battling the repeal of the gaming law that’s currently in place. If they don’t success with their pursuits, then they could find themselves leaving the state empty handed, as all possible casino developments would be shut down.

After a license vote on Wednesday, some anti-casino activists challenged the chief executive of Wynn Resorts, Steve Wynn, and also heads of MGM and Penn National Gaming to a debate on the matter. Additionally, Senate Majority Leader Stanley Rosenberg and Massachusetts House Speaker Robert DeLeo were also confronted by the opposition.

John Ribeiro, who serves as the chairman of the Repeal the Casino Deal campaign, stressed that the state residents have to be more involved in the heated matter. “The people of Massachusetts deserve more than sound bites. Platitudes and million dollar ad buys.”

Discussions to find a solution take place

The Committee to Protect Mass Jobs, supporter of casinos, stated that they aim to also get engaged in debates with the opponents. According to gambling news, the Committee wants both sides to work in tandem and find an equitable ground of discussion.

Spokesperson Justine Griffin highlighted how the casinos would help create new jobs and boost economic activity, arguments which should lead to increased support for the projects. “We know that the more people hear about the jobs and economic development that casino gaming brings, the stronger the support there is for a ‘no’ vote on the repeal question.”

The members comprising the state’s gambling commission indicated that they will focus their efforts in addressing the possible downfall of thoroughbred horse racing in the state. One of the primary reasons why officials initially approved the gaming bill in 2011 was because the immense jobs and revenues created by the horse racing industry would be preserved.

However, the state’s final thoroughbred horse racing track, Suffolk Downs, will have to close its doors to the public as Mohegan Sun didn’t manage to secure the license for the Boston-area. The casino firm that hails from Connecticut had put forward plans of a $1.1 billion resort on track property in Revere.

The track has been around for 79 years, but will now have to shut down its operations after nearly eight decades of horse racing history. It will still continue to provide simulcast betting until the end of the year.

Acting Gaming Commission Chairman, James McHugh, strongly affirmed that the group will strive to find a solution for the problem and make things better. “We understand the tradition. We understand the good people that work there and their loss. We’re going to work hard to figure out what the most appropriate solution is.”

Currently, the planned Wynn Resorts projects that is supposed to boast great US poker rooms, slots and other amazing table games, will see its fate on November 4. Gaming experts in the industry cannot at this moment predict which way the voters will lean with the question of the casino law, as opinions remain divided on the matter.