Wynn Resorts is projecting big money from its casino in Everett, telling investors the Boston-area resort will be a winner for Wynn and Massachusetts.
"We are going to be responsible for $50 million a month in revenue for this state, probably another $50 million in related revenues to all the surrounding communities," said Ian Coughlan, president of Wynn Resorts-Macau on an earnings call last week. "To be in Boston, Massachusetts, and in the metropolitan area in Everett and have almost four million people where we're the only game in town is scintillating."
It is unclear exactly how much of the $50 million would come from gaming revenue, but William Thompson, a professor and gaming expert at the University of Nevada, Las Vegas, said those estimates put annual revenue above $2 billion — more than Wynn Las Vegas sees in a year.
"It's possible, but boy it's ambitious. On the other hand if anybody can do it, he can. He's proven his ability to do it," Thompson said.
In the earnings call, Coughlan said the resort's effective monopoly on gaming will mean more success compared to other Wynn casinos.
"We've never ever been in the position we were the only game in town," he said.
In its application to the Gaming Commission, Wynn said it expects to have a significant advantage over other casinos in the country by being in Boston.
"These (gross gaming revenue) projections imply that the Wynn Resort in Everett would be the highest grossing casino (non-Native American) in the United States (outside of Las Vegas), generating significant revenue premiums to casinos in Pennsylvania, New Jersey, New York, and Maryland," the application says.
Wynn has publicly put the budget for its resort in Everett at $1.6 billion, but Coughlan said Wynn's budget is between $1 billion and $1.75 billion. He said the casino will have a massive impact when it is up and running.
"We are going to be the one of the top five private employers in the history of the state of Massachusetts," Coughlan said. "We are going to employ thousands and thousands of people. It's the largest construction budget in the recent history in Massachusetts, maybe forever."
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