Wynn Resorts, Boston mayor kiss & make up

Casino operator Wynn Resorts has finally reached a deal with the city of Boston over Wynn’s planned $1.7b casino in Everett, Massachusetts.

Late Wednesday, the Boston Globe reported that Wynn and Boston mayor Martin Walsh had reached a deal that will see Wynn compensate the city for traffic and other expected problems associated with the casino to the north of Boston. In exchange, Walsh has agreed to stop filing lawsuits against the company.

In awarding Wynn its license in 2014, the Massachusetts Gaming Commission instructed Wynn to pay Boston $1m upfront plus $1.6m per year over a 15-year period to mitigate the casino-related problems. Wynn also agreed to pay $25m into a fund intended to address traffic bottlenecks in Sullivan Square.

The new deal adds an extra $400k to the annual payment, bringing the total added commitment over the life of the deal to $6m. Wynn has also agreed to pay $750k to help defray the estimated $1.9m legal tab the city ran up via its lengthy efforts to become a fly in Wynn’s ointment.