A TOP WYNN RESORTS OFFICIAL said on Friday that the construction cost of each room at the proposed Wynn Boston Harbor hotel will be $1 million, which is more than three times the median price of a single-family home in Massachusetts and more than twice as much as a single-family home in Suffolk County.
Kim Sinatra, the company’s legal counsel, made her comment during testimony at the federal trial of three men accused of wire fraud for attempting to conceal the involvement of a convicted felon in the deal for the 35 acres that will be home to the Wynn casino and hotel.
Sinatra said the Everett hotel is a test of the so-called “urban Wynn concept,” an attempt to build a grand destination hotel in an urban environment using the profits from a casino. Steve Wynn, the CEO of Wynn Resorts, often says his Everett hotel will feature the biggest and most luxurious rooms on the East Coast, but Sinatra turned heads by putting a pricetag on that luxury.
Wynn Resorts, which is awaiting final regulatory approval to break ground on the hotel and casino, is expecting to spend $2 billion on the entire project.
The Warren Group, which tracks home sales and prices, reported that the median price of a single-family home in Massachusetts in February was $299,000. The median price of a single-family home in Suffolk County was listed at $421,000. Only in tony Nantucket was the median price of a single-family home greater than the construction cost of a Wynn hotel room. The median price on the exclusive island was $1.39 million.