Wynn negotiating possible sale of new Boston property

Wynn Resorts is negotiating the possible sale of the $2.6 Billion Encore Boston Harbor to MGM Resorts, according to media reports.

MGM’s interest in such an arrangement can hardly be doubted since Encore Boston Harbor, likely to open in June or July, would become a powerful rival to its MGM Springfield facility opened last year. Should MGM control both IRs, it would be positioned to dominate the US northeast casino market.

Wynn Resort’s possible willingness to give up Encore Boston Harbor is the bigger surprise, especially since it has fought so hard to keep its license and has heavily promoted the project over several years. The license was only recently confirmed by the Massachusetts Gaming Commission.

It may be, however, that Wynn’s local reputation has been scarred over its handling of the Steve Wynn sexual assault allegations and the Massachusetts Gaming Commission’s scathing criticism of its management of that issue.