Wynn says construction will start this summer
Says challenge from Somerville will be the last one
STEVE WYNN TOLD FINANCIAL ANALYSTS on Thursday that Wynn Resorts will resolve an environmental challenge from Somerville and start building its $2 billion Everett hotel and casino this summer. Wynn said the hotel will offer grandeur not available anywhere in the United States except Las Vegas.
The analysts seemed concerned about the repeated delays to the project, noting that Boston battled the casino for close to a year and, when that dispute was resolved, Somerville stepped forward with an environmental challenge. One analyst asked if the Somerville challenge would be the last one. “In a word, yes,” said Wynn.
Wynn told the analysts he wasn’t concerned about a Mashpee Wampanoag casino going up in Taunton or any other casinos being built in the region. He said the other projects would not affect the profitability of his resort/casino.The Wynn hotel in Everett is a test of the company’s so-called urban concept, an attempt to build a grand hotel in an urban environment using the profits from a casino. A top Wynn official recently disclosed that each room in the hotel will cost $1 million, which is three times the median price of a single family home in Massachusetts.
Wynn said John Fish, the head of Suffolk Construction, has assured him the facility will be completed in two years and four months from the construction starting date.