$1.6 Billion Added to Massachusetts Economy By Wynn’ Encore Boston Harbor

The construction of the Encore Boston Harbor in Massachusetts has generated $1.6 billion for the state, as reported by a new study. Over 6,700 employees were used to finish construction at the facility. It was reported that an average worker earned $47.89 per hour, averaging $36,500 per employee. Also, the workforce was all-inclusive as the services of people from different races were employed. The study was undertaken by UMass Donahue Institute.

It was a major economic booster for the state as construction was completed at Wynn Resorts’ Encore Boston Harbor Casino in Everett, Massachusetts. Out of the total of $1.6 billion reported generated in economic windfall, the study stated that about $1 billion was solely for personal income. The purpose of the study was to show that the legalization of gambling and casino across the state is more advantageous. There are over one thousand commercial and tribal properties today, which will lead to the creation of regular permanent and seasonal jobs.

The $1.6 billion excludes other costs associated with the facility. The license application fee, the amount used to purchase the land where the facility is built on, and the tax revenue generated for the state are not included in the $1.6 billion that was generated during the construction phase. The project is worth over $2.6 billion in pure financial value. However, this amount still excludes the revenue from gaming taxation.

The state of Massachusetts and local businesses also benefited a great deal from the construction as it is reported that $1.1 billion was retained by them. Construction companies like Suffolk County and Middlesex County had a large share of the money retained by local businesses and the state. 27 percent of the work was carried out by Suffolk, while Middlesex County carried out 15 percent of the construction work. Each was able to generate $425.4 million and $236.8 million respectively, for their work.

Encore Boston Harbor for Sale?

Rumors have been flying around about the impending sale of the facility. However, the President of Encore Boston Harbor, Brian Gullbrants, has addressed his staff and assured them that the gaming venue is not for sale. In his message, he wrote, “It has been falsely reported that Encore Boston Harbor is for sale. I want to assure you that our company has not engaged in any conversations about the sale of the property.”

The property was completed in mid-2019 and got off to a great start. It soon became the highest-grossing property in Massachusetts, leaving older rivals like Plainridge Park Casino and MGM Springfield in its trail. The resort started the year on the same high note but has since been greatly affected by the lockdown directive following the COVID-19 outbreak. The lockdown in Massachusetts was among the longest in the country. However, the resort is now operating under protocols and restrictions that limit visitations and have negatively affected its Gross Gaming Revenue.

Rumors of the sale of the resort have sprung up in the past, which did not amount to much as it was all false. The president has said that the company is putting in place plans that will be set in motion post-COVID. In his message to the staff, he also said, “In fact, we are very excited about and committed to the future of Encore Boston Harbor, and we cannot wait until we are fully re-open, and we have all of our team members back with us every day.”

Default image
Jackson
Our in-house expert for all things regulation, Jackson covers all major recent developments across US states relating to gambling laws & legislation.