$2.6B Encore Boston Harbor to Open June 2019

Main Photo: Encore Boston Harbor Resort – imagined

Date: May 2019

Location: Boston, Massachusetts, USA

Name: The Encore Boston Harbor Resort – opening June 2019

No. of Keys: 671 rooms and suites

Seller: TBA

Buyer: The $2.6 billion Encore Boston Harbor Resort will begin welcoming guests June 23. The 671-key property includes a 210,000-square-foot casino, 15 dining and lounge venues, 50,000 square feet of indoor and outdoor event space, a spa and a 6-acre park space.

The resort’s casino space is split into two sections: a main first floor area with more than 3,000 slot machines, 143 table games and a casino bar; and, on the second floor, an 88-table Poker Room.

The property’s selection of restaurants, bars and lounges will include concepts from Wynn and Encore Las Vegas, including the Sinatra restaurant, Wynn Buffet and Rare Steakhouse. Other resort dining venues will draw inspiration from the produce and ingredients of New England and the Atlantic.

The Encore Boston Harbor Resort will offer more than 50,000 square feet of conference space, including 10 break-out rooms, a promenade and a 37,000-square-foot grand ballroom. Additionally, the property will feature 21,000 square feet of seasonal outdoor space overlooking the Boston Harbor and skyline.

Other amenities and features include the 17-treatment room Spa at Encore Boston Harbor with a neighboring salon and barber, luxury retail shops and a water transportation system from Boston directly to the resort.

Earlier this week (January 2019), the Massachusetts Gaming Commission said the company has until May 31 to pay its $35 million fine and satisfy the conditions set by the commission. However, regulators said that Wynn Resorts could request a “judicial review” before the Suffolk Superior Court. A commission spokesperson declined to comment Thursday evening into whether or not Wynn Resorts has filed notice about delaying its much-anticipated June 23rd grand opening.

In its first-quarter earnings report, Wynn Resorts said the commission’s $35 million fine “is included in other accrued liabilities as of March 31, 2019” on its balance sheets and that “the Company is currently reviewing the MGC decision and evaluating its rights under applicable law.”

“We do not believe, if we choose to appeal, that it will impact our ability to open the project at the end of June,” said Maddox. “The regulatory process has consumed a great deal of resources at both the company and regulators. We are focused on opening this property within weeks.”

“I don’t know if the opening date will be June 23, or a week or two later, because we’re going to make sure that it’s flawless, and clearly the regulatory complexity we’ve been through has been a challenge,” said Maddox. “We’re now doubling back … We may give (ourselves) another week, we may not, but the property looks great.”

During the call, Maddox said that 90 percent of the jobs have been filled or “within offer.” Wynn Resorts CFO Craig Billings told analysts that the Encore Boston Harbor project “incurred $233.4 million in total project cost during the quarter, taking the total spend-to-date to $2.26 billion.”

“We’ve been through a significant transition and there’s been some turmoil over the last 15 months, but that is now behind us,” said Maddox.

Price: US$2.6bn

Price per Key: US$3,874,814

THPT Comment: At over US$3.5m per room…wow! albeit this obviously includes a lot of casino and convention space. We are not sure if the colouful Steve Wynn is behind this venture…sounds good, although we note that Wynn Resorts CEO Matt Maddox is boss. This will be the first casino in Boston.

First Seen: Hotel Management

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