Wynn casino price tag goes up $300m

Wynn casino price tag goes up $300m

SEC filing says cost estimate approximately $2.4b

WYNN RESORTS DISCLOSED on Friday that the estimated cost of building its Everett casino has risen to approximately $2.4 billion, a $300 million increase from estimates as recently as August.

“The total project budget, including gaming license fees, construction costs, capitalized interest, pre-opening expenses and land costs, is estimated to be approximately $2.4 billion,” Wynn said in a filing with the Securities and Exchange Commission. “As of December 31, 2016, we have incurred approximately $466.8 million in total project costs. We expect to open Wynn Boston Harbor in mid-2019.”

Greg John, a spokesman for Wynn, said the budget for the hotel and casino increased because the cost of materials and labor had increased. He said the construction boom in Boston means the demand for materials and labor is high and, as a result, costs are increasing. John said the company is not cutting back on any amenities in response to the runup in materials and labor costs.

Steve Wynn himself set the price tag for his resort at $2 billion during a meeting with reporters in March 2016. The cost increased over the summer months to $2.1 billion at the time the company officially broke ground on the facility in August.