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Wynn Resorts decide against parting ways with its Boston casino


Wynn Resorts decide against parting ways with its Boston casino

Wynn Resorts are trying to take a gamble with its Boston-area casino scheduled to open next year.

The company after meeting with at least two of its competitors for discussing the possible sale of its Encore Boston Harbor, has decided not to part ways with the hotel with net worth $2.5 billion casino.

MGM Resorts and Caesars Entertainment were purchasing the casino as reported by the sources who met with Wynn Resorts roughly a month ago.

 Sources also suggest that the prices offered by the rivals were at a significant discount to the construction cost, thus the Wynn decided to hold on to the property.

Each of the rivals offered prices that were at a significant discount to the construction cost, a source said.

Wynn, therefore, decided to hold on to the property.

The Massachusetts Gaming Commission is trying to investigating Wynn Resorts for its eligibility for holding a license based on reports from the executives and directors who knew about the Steve Wynn alleged sexual harassment.

Although, Wynn has defended himself and has denied all accusation of improper behavior, he resigned from the company in February.

If the commission denies to give the Wynn Resorts a license, the amount it could draw in a distressed sale would drop sharply, the sources suggested.

The commission would be presenting its findings of the probe this summer.

The owners could take a positive note from here as the Wynn’s shares rose 1.2 percent on Wednesday to $192.51.