Feb11
MGM and Wynn Discontinue Discussion About Boston’s Encore Casino
May 26, 2019 Aleksandra Zolotic
The hugely expected purchase of Encore Casino in Boston seems to have come to an abrupt end, but the outcome is not so positive, at least from the Wynn’s point of view. MGM pointed out the burden of scandals as one of the reasons…
…they ended negotiations with Wynn, calling it “the best course of action.” Despite the failure with this purchase, Wynn continues fulfilling other projects, including opening an entertainment establishment in Everett.
Reputation Matters
MGM has ended multiple sexual misconduct allegations leveled against the company’s ex-boss and founder, Steve Wynn. As stated by MGM…
…they “have noted the anxiety raised by various stakeholders regarding a transaction” and that they think “the best course of action is to discontinue discussions” regarding the opportunity to buy the venue. Furthermore, the statement further points out that the brand wishes to have “a positive impact on communities in which we operate.”
Wynn Goes On
Wynn Resorts stated that it has agreed to end discussions with MGM “after careful consideration.” Though this purchase could have brought significant financial contribution, the company appears to be rather calm regarding the negative outcome. As added, they are currently committed to opening and running the 671-room hotel and casino resort located along the Mystic River in Everett. Besides this, they are in negotiations…
…alignment with Scientific Games. According to the of the agreement, SG will grant Wynn exclusive rights to access their entire system and portfolio which encomes more than 2000 titles.
Busy Conquering Japan
Continuing the efforts to strengthen an already stable position, the immense corporation continues to work hard on setting foot in Japan as well. According to the latest reports, they were frontrunners for the license in Osaka, along with Las Vegas Sands. Making a complex strategy to conquer the distant market…
…they are certainly more than highly interested in growing in distant territories. One of the tactics was an office in Osaka in January this year. As they pointed out, this is a step forward in understanding each other a bit better.
Source:
“MGM Ends the Talks to Buy Encore Boston Harbor Casino Resort”, Niji Narayan, europeangaming.eu, May 2019.
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I do agree the pressure must’ve been enormous. And in a delicate industry like this one, a bad reputation is a huge no-no. Though harder way, I hope Wynn learned the lesson.