Wynn Resorts Acquiring Power Plant Next to Encore Boston Harbor
Posted on: March 16, 2023, 09:47h.
Last updated on: March 16, 2023, 09:55h.
Las Vegas-based Wynn Resorts has agreed to acquire a decommissioned power plant in Everett, Mass., near its Encore Boston Harbor.
Wynn opened Encore Boston Harbor in June 2019 at a cost of $2.6 billion. The integrated resort quickly became the richest casino in Massachusetts over competitors MGM Springfield and Plainridge Park.
Encore Boston Harbor, Wynn officials say, is just getting started. The company has big plans for the area, with the casino expected to fuel a local economic spark that transforms the industrial area into a mixed-use neighborhood and entertainment district.
Encore Boston Harbor’s 27-story hotel tower provides downtown Boston views, but those views are currently impeded by adjacent smokestacks and brick buildings at the Mystic Generating Station. Constellation Energy, which has owned the power station — the largest in Massachusetts in terms of nameplate capacity — since 2010, has entered into an agreement to sell the property to Wynn Resorts for $25 million.
Part of the Mystic Generating Station has already been decommissioned. The rest of the power station is slated to be powered down and fully retired by June 1, 2024.
Constellation said changes to the wholesale energy industry have rendered the Mystic Generating Station no longer profitable.
Encore Boston Expansion
Encore Boston Harbor last month received approval from the Massachusetts Gaming Commission (MGC) to expand its gaming operations from its current casino. The state gaming agency signed off on Encore building a new, separate gaming space across Broadway.
State gaming regulators concluded that commercial gaming is permissible on the site through Everett voters’ 2013 local referendum that designated the former Monsanto Chemical Site as an approved location for casino gambling. The MGC interpreted the referendum to include the immediate area around Encore Boston’s original property.
Wynn plans to build a standalone sportsbook and poker room, plus a nightclub. The casino is also mulling a new hotel tower on the property.
Wynn has become a major landowner in Everett. The casino operator bought up many blighted buildings in the area while constructing its resort, and continues to seek land acquisitions to protect its future.
Wynn Buys Seat at Development Table
Constellation confirmed this week that Wynn Resorts was the high bidder for the Mystic Generating Station. The $25 million agreement gives the casino significant control of what the future holds for the 45-acre complex, with local and state officials also having a say through zoning matters.
Our goal for the purchase is to ensure that future development in the area is synergistic with our existing investment at Encore Boston Harbor, our planned development on Lower Broadway, and the broad planning of the Lower Broadway District by the City of Everett,” said Wynn Resorts spokesperson Michael Weaver.
Rumors are already circulating that the power plant could become the site of the future home of the MLS New England Revolution. The professional soccer club is owned by billionaire Robert Kraft, who additionally owns the NFL New England Patriots.
Kraft has spent several years searching for a site to build the Revs their own stadium. The team currently plays its home games in Gillette Stadium where the Patriots play.