Wynn, MGM in talks re possible Encore Boston Harbor sale

Casino operator Wynn Resorts has confirmed it’s having preliminary talks regarding the potential sale of its Massachusetts resort casino project to rival MGM Resorts.

On Friday, in response to questions posed by the Boston Globe, Wynn and MGM issued a joint statement confirming that the companies’ respective CEOs had, “over the past several weeks … engaged in conversations around the potential sale of Encore Boston Harbor,” the Wynn mega-project that is scheduled to open its doors on June 23.

The statement cautioned that these talks were “very preliminary and of the nature that publicly traded corporations like ours often engage in.” The companies stressed that they had no idea where these talks might lead, while reaffirming their mutual commitments to the communities in which they operate.

While Wynn’s $2.6b Massachusetts property has yet to open, MGM opened its $960m MGM Springfield property in the southwestern corner of the state last September. The Springfield casino has so far performed well below the company’s original projections, and its April gaming revenue was $21.8m, down 15% from March and down 19.2% from the property’s first full month of operations.

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