Wynn Resorts completes $1.7B sale, leaseback of Encore Boston Harbor

Nathan Bennett
Nathan Bennett
3 Min Read

2023년 대한민국 온라인카지노 순위 정보

 

온라인카지노 순위

2023년 기준 우리카지노에서 제공하는 온라인 카지노사이트 순위 입니다.
바카라사이트슬롯게임을 즐겨하시는 분은 꼭 필독하세요

대한민국 2023년 온라인카지노 순위 TOP 10

1위 프리카지노 335명
2위 헤라카지노 287명
3위 로즈카지노 143명
4위 플러스카지노 119명
5위 클레오카지노 93명
6위 솔카지노 84명
7위 선시티카지노 62명
8위 에볼루션라이트닝 53명
9위 라카지노 47명
10위 에볼루션카지노 12명
10위 스페이스맨카지노 12명

Wynn Resorts Ltd. has closed the sale-leaseback of its hotel-casino near Boston, giving the company a mountain of cash and hefty rent payments.

The Las Vegas-based casino operator announced Thursday that it completed the sale of land and other real estate assets of Encore Boston Harbor for $1.7 billion in cash to San Diego-based Realty Income Corp.

Wynn, which owns Wynn Las Vegas and the Encore tower on the Strip, will continue to operate the Boston-area resort under a lease with an initial annual rent of $100 million, according to a news release.

Rents are slated to rise over time.

Realty Income, which boasts more than 11,700 properties owned under long-term leases, said the deal marked its first acquisition in the casino industry.

The 671-room, $2.6 billion Encore Boston Harbor, located in Everett, Massachusetts, opened in June 2019.

The sale-leaseback was announced in February, following several similar deals in Las Vegas involving massive hotels on or near the Strip including Bellagio, MGM Grand, Mandalay Bay, Aria, Vdara and the Rio.

On Thursday, casino landlord Vici Properties announced it is acquiring full ownership of MGM Grand and Mandalay Bay’s real estate, in a nearly $1.3 billion cash sale.

See also  Full House Resorts, 일리노이 주 Waukegan에 임시 카지노 개장

Wynn CEO Craig Billings previously put the kibosh on selling and leasing back its properties on the Strip, telling analysts in February that Las Vegas is “very different” from regional casino markets, and that the “need for continuous and sizable reinvestment in order to stay relevant is high.”

America’s gambling capital is an ultra-competitive market, dominated by big casino chains that operate massive resorts with ever-changing menus of amenities.

If another downturn hit, Billings said he didn’t want Wynn to be in a position where it had to choose between paying rent and investing in its properties.

He also indicated that a sale of its Las Vegas real estate would trigger an acceleration in debt payments.

“For now, we believe we will deliver far more long-term shareholder value by continuing to own our real estate in Las Vegas,” he said at the time.

Contact Eli Segall at [email protected] or 702-383-0342. Follow

Share this Article