Wynn Resorts in talks to sell new Boston casino to MGM
Wynn Resorts has confirmed talks are taking place over a potential sale of its Boston area casino resort to MGM.
The $2.6 billion Encore Boston Harbor is still to officially open and the news comes two weeks after the Massachusetts gaming Commission ruled Wynn could keep its gaming license.
The Commission fined Wynn a record $35 million over the company’s handling of sexual misconduct allegations against former CEO and founder Steve Wynn.
That has now opened up the possibility of a sale to rival MGM.
The CEOs of MGM and Wynn have met over a possible sale but say discussions of ‘very preliminary’ and there is no guarantee a deal will be agreed.
"Over the past several weeks we have engaged in conversations around the potential sale," a joint statement said.
They said they do not know ‘where these conversations will lead.’
However there is a major hurdle to overcome.
MGM owns a gaming license for its Springfield, MA casino but under state law a company may only operate one casino resort.
It it does buy the Encore MGM would have to sell its Springfield license.
The discussions will not affect the planned opening of Encore Boston Harbor.
It was due to open on June 23 but Wynn had already hinted it may be slightly delayed due to complying with some conditions imposed by the gaming Commission following the review of its license.
According to the Springfield mayor, Wynn Resorts reached out to MGM regarding a potential sale.
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