No food service yet, social distancing, hotel closed for now

For Everett Mayor Carlo DeMaria, it’s all about moving forward with a vision for his city. “It’s more than just a casino operator wanting to take all the money they can out of this area. 2 Wynn Resorts jobs in Everett, MA. Search job openings, see if they fit - company salaries, reviews, and more posted by Wynn Resorts employees. View all Casino jobs Jobs in Everett, MA at Wynn Careers. Search, apply or sign up for job alerts at Wynn Careers Talent Network.

BY JOSH RESNEK

If everything goes according to the plan as approved this week by the Massachusetts Gaming Commission, Wynn Boston Harbor Casino will be opening on or around June 29.

Thus, will end an extraordinary closure of the casino which began on March 15 when the Coronavirus began hitting us with full force.

Since March 15 neither the casino nor the Encore Hotel has produced a dime of revenue.

The hotel will not be reopening on the 29th, according to Wynn company officials.

The hotel may reopen but on a limited basis, according to company reports.

The casino however will be reopening with a full litany of social distancing and hygienic requirements.

Temperatures will be taken. Hand washers will be everywhere. All employees will be wearing masks.

It is expected that many customers will do the same although the requirement is not absolute.

It is not yet entirely clear which restaurants will be reopening and in what capacity.

The buffet, which has been reopened in Las Vegas, will not be reopened here.

In the casino itself, card games have been eliminated and many other table games have been introduced.

Ending card games eliminated the need for dealers.

They have all been laid off.

With $3.4 billion in liquid assets, or enough to last the company for 1 1⁄2 years at the present burn rate, Wynn company president Matt Maddox is confident the comeback will be strong and over time, everything will come back to normal.

“We are confident that travel and tourism will recover in both the US and China, and our industry leading assets, fortress balance sheet and talented team members position the company to thrive in the years ahead,” Maddox affirmed.

The casino operator posted operating revenue of $953.7m for the period ending 31 March, a fall of 42.3 percent compared to the same period in 2019.

Wynn closed its Strip operations on 17 March. In Las Vegas, Q1 operating revenues were $323.8m, a 19.3 percent decrease from $401m for the first quarter of 2019. Operating revenues at Encore Boston Harbor came in at $140.9m.

In Asia, the company’s subsidiary Wynn Macau reported a nearly $154.2m net loss for the first quarter.

Wynn’s Macau interests generate about $75% of the company’s income. The closing of Beijing because of a recurrence of the virus will impact business in Macau which is a new worry for Wynn Resorts.

With air travel and tour- ism to Boston remaining extremely slim and limited, it is difficult to predict how the casino reopening will go.

Company officials in statements to Wynn employees say they are raring to go, a sentiment shared by a great many employees who have been paid by the company throughout the ordeal.

It is believed that pent up demand for customers to go out again and to gamble will

be enough to bring respectable crowds back to the casino.

As of Tuesday, Wynn stock was traded at $92.00.

Its 52 week high was $153.00. The 52 week low, $35.00.

The dividend has been suspended.

The market cap, that is, the value of the company’s stock in the hands of all its shareholders is about $10 billion.

Wynn presently owes the city of Everett for in lieu of tax payments – an amount believed to be about $12 million.

It is expected that money will shortly be paid to the city.

The city will be without substantial income generated by hotel room fees for the near future.

The opening of Encore Boston Harbor marked a significant transformation and economic resurgence of the Lower Broadway section of Everett and provided a boost to the region's already-strong international and domestic tourism markets.

More than 5,200 union jobs and 10 million labor hours were required to build the spectacular $2.6 billion Encore Boston Harbor, making the 27-floor, three-million-square-foot resort the largest private, single-phase development in the history of the Commonwealth of Massachusetts.
And, the community impact only promises to grow. We are employing nearly 5,000 people in a wide range of occupations, with a payroll topping $170 million per year. Further, we plan to purchase $100 million in goods and services annually. We also estimate that Encore Boston Harbor will pay approximately $200 million each year in tax revenues and fees.
These figures are exclusive of secondary spending—the money spent in local communities by Encore Boston Harbor guests, employees and suppliers—which in itself is expected to generate hundreds of millions of dollars.

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As important as the economic impact is to the region, we are equally as proud of what our funding has been able to do from a sustainability standpoint. Encore Boston Harbor spent $68 million to remediate and restore a portion of the Mystic River. In the 18 months leading up to our opening, 840,000 tons of contaminated soil and 41,000 tons of contaminated sediment were safely removed from the site and transported to licensed processing facilities for treatment.

Wynn Casino Everett

With hazardous pollutants finally removed from the site, the water quality has drastically improved and 24,000 square feet of river shoreline has been restored. Guests at Encore Boston Harbor can now admire the natural beauty of the Mystic River. For neighboring communities in Everett, the remediation project has restored a valuable resource to be shared by the community for generations to come.

Wynn Casino Everett Ma Opening

For more details on how we have impacted our communities, please click here to read our latest Corporate Social Responsibility Report.