Wynn Resorts has completed the sale of the land and real estate assets of its Encore Boston Harbor property to Realty Income Corporation, for $1.7 billion in cash.
Wynn Resorts notes that the proceeds from the sale ‘will further strengthen the Company’s global liquidity position to $4.4 billion’.
Wynn Resorts will continue to operate the property under a lease agreement with the purchaser, at a rate of $100 million per year, for a period of thirty years, with one thirty-year renewal option.
Rental increases during the first 10 years are set at 1.75 percent.
The Encore Boston Harbor encompasses a 211,000-square-foot casino, 671 hotel rooms and 71,000 square feet of ballroom and meeting spaces, it’s located in Evertt, Massachusetts.
The group notes the property is the ‘largest private, single-phase development in the history of the Commonwealth of Massachusetts’.