“Equally important, the bespoke structure and terms of the lease allow us to maintain a great deal of operating flexibility across economic cycles. “Encore Boston Harbor is the premier gaming resort on the East Coast and the valuation we achieved in this sale reflects the property’s quality,” said Craig Billings, CEO of Wynn Resorts. The transaction is subject to customary closing conditions, including required regulatory approvals, and is expected to be completed during the fourth quarter of 2022. The sale and leaseback by Wynn Resorts was announced last week. Realty Income will have a 6 year option to buy the 13 acres from Wynn Resorts. The company is expecting to sign a 30 year lease with the possibility of one 30 year extension. Wynn Resorts has sold the 33-acre parcel of land and the casino and hotel properties, but not including 13 – acres of land it owns across the street from the casino for $1.7 billion to a San Diego company, Realty Income.Īs part of the transaction, Encore agreed to pay a triple net $100 million a year rent and leased back the properties it sold to the real estate company. (Photo by Jim Mahoney) How Does Everett Benefit From This, If At All? February 19: Encore Boston Harbor resort and casino.
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