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The Wynn Resorts have Decided to Halt Developments

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Wynn Resorts Halt Latest Development

Wynn Resorts has announced through the Massachusetts Gaming Commission (MGA), that it is halting its plan to develop the Encore Boston Harbor. While this isn’t necessarily a blanket cancellation at this stage, it does mean that the development will, at the very least, be delayed as a final decision is made on how to proceed. At the moment, there is no indication of what is likely to happen.

New Plans

What may have influenced this decision, is the continued growth of the online gambling market within the region. As more sites become available to players, the market is shifting slightly away from the brick-and-mortar sector, and moving more towards the online market. It has seen many more review sites appear, such as gambleusa.com, which has made it much easier to find the right site for the player’s needs.

The main idea behind the re-evaluation is that Wynn resorts aren’t completely sure that the plans are the right fit for the site. There is still a lot of uncertainty in the market surrounding most things at this moment in time, especially due to Covid-19 still providing numerous issues for new businesses.

Of course, this isn’t the first time that Wynn Resorts has decided to pull out of a deal, it often decides to change tack if it feels that the current deal isn’t going to be beneficial in the long run.

Not Cancelled Yet

Despite the potentially bad news, it should be noted that the deal has not been cancelled yet. Wynn Resorts have just decided to take some time to think about whether it should go ahead. For example, if the market picks up significantly in the coming months, then it’s likely that it will make the decision to go ahead with the development.

The MGA will have to evaluate any new plans that are put forward before they can be confirmed. So, if Wynn Resorts decides to change its trajectory, then it will have to get new confirmation from the regulator within the state.

Troubles at Wynn

This latest news comes off the back of Wynn Resort having a few issues with its business. With lots of different developments being halted and the market is uncertain, it makes sense to take another look at what would be an expensive development.

Wynn has also been having trouble in Macau recently, with junkets being scrapped, which has given it a slight financial hit. On top of this, the company has also had some issues with its SunCity resort, which has caused some problems with its finances.

The financial problems the company is struggling with could have played into the decision to delay the plans for Encore Boston Harbor. As if that venue didn’t recoup a significant portion of its investment quickly, it could cause Wynn Resorts to suffer. As there is still a lingering possibility of venues being closed down due to lockdowns, it means that it could find it difficult to generate enough revenue to make the development viable.

It means that for the next few months, people within Massachusetts will be looking on with interest to see what happens. The new venue wouldn’t have just provided a new entertainment venue for people in the area, it would have also created jobs. After a difficult few years, the boost to the economy would have been very welcome. As such, the state could look for different investors if Wynn takes too long to make its decision.

 

 

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