Steve Wynn has proposed a footbridge over the river adjacent to Amelia Earhart Dam.
Steve Wynn continues to buy properties near the construction site of his $2.4 billion Wynn Boston Harbor casino, which is located on the Mystic River in Everett. The Boston Globe reports that he is buying those residential, industrial, and commercial properties at well-above market price.
In all, Steve Wynn has spent $19.5 million on ten seperate parcels of land. These include an auto dealer, a LGBT lounge, and several duplexes. Several other businesses plan to sell and move, while Wynn Resorts plans to demolish the properties it buys in order to make way for its integrated casino-resort construction.
The economics of such a move means homeowners and business owners often collect a tidy profit for properties they own. The payouts are beyond anything the owner would receive by listing their property for sale.
Selling at 450% Their Value
Outsiders can see why the property owners have been selling. One single-family home was assessed at $193,800, but it sold for $900,000. Another home was assessed at $353,400 and sold for $975,000.
Not everyone is happy with the development. The Lynde neighborhood is considered tight-knit for a 21st century community, because many of the residents have lived in the area for years. Others simply did not want to leave their homes for sentimental reasons, or concerns about finding appropriate lodgings nearby at commensurate prices.
Chrissy: One Resident’s Story
Not everyone affected by the new casino development receive lucrative payouts. The residents who rent often find their landlord has sold the property and they’ll be required to find new lodgings soon. The Boston Globe told the story of one such Lynde-based tenant recently.
A resident named “Chrissy” said she rented an apartment in a three-family home near the Wynn Boston Harbor development, but it was demolished last year. Chrissy said she had grown up in the community, where “everybody knew everybody“.
When the property was sold and demolished, Chrissy, her husband, and daughter were shocked to learn they would need to move out. As a tenant, the decision to sell was not hers. Luckily, things came right, as Chrissy said, “We didn’t know where we were going. We were going to be homeless….We thank God we’re in a good place right now.”
Building an Integrated Casino Resort
Public records show that Wynn Resorts is using limited liability companies to buy the real estate. The plan is to make the approaches to the Wynn Boston Harbor casino more appealing.
“Integrated casino-resort” is a term in the casino industry to denote a casino which has a business development around it. Most casinos have hotels associated with them. Many have convention centers and spas, so they call themselves resorts. An integrated resort includes retail stores, restaurants, bars, and nightclubs surrounding the resort. They often have concert venues, theaters, indoor theme parks, shows, attractions, and landmarks associated with them.
Such integrated resorts became a reality in gaming destinations around the globe, with Macau, Manila, and Singapore following the suit of Monte Carlo and Las Vegas. New integrated resorts are being planned in Japan and Russia, while South Korea and Israel have toyed around with the idea. Integrated resorts were on the agenda in North Jersey last year, until a referendum went against the casino developers.
When done right, such projects attract retail stores from prestigious fashion designers and jewelry brands, restaurants from celebrity chefs, and nightspots from the top nightclub owners. At a point, a critical mass is reached and the integrated resort becomes a destination not only for gamblers, but also non-gamblers of all sorts: trendy club-goers, tourists, and even family groups. When that critical mass is reached, developers have the upper hand in setting leases.
Wynn Boston Harbor’s Economic Impact
Thus, an integrated resort becomes the centerpiece of a city’s economic life. Often, it is part of a rejuvenation project. Adding a wide swath of land around the Wynn Boston Harbor allows Steve Wynn many options in building his multi-billion dollar casino into an integrated casino resort.
Steve Wynn is a savvy businessman, besides being a consummate showman. If Steve Wynn is buying a property at 450% of its value, then it likely is worth more than that to him. One day, high-tone retail chains and other attractions are likely to exist where the Lynde neighborhood homes and businesses exist today.
