Wynn Resorts’ Encore Boston Harbor casino has grossed $16.7 million in its opening week. It is a strong performance given the fact that MGM’s Springfield casino in Massachusetts grossed nearly the same for the entire month.
It is also a great opening week as Wynn Resorts has been embroiled in controversies lately. Both Nevada Gaming Commission and the Massachusetts Gaming Commission fined Wynn Resorts $20 million and $35 million respectively after they found that the allegations of sexual misconduct against its former CEO Steve Wynn were not reported.
The casino began operations from June 23. It has already paid $4.1 million to the state in tax revenue for the revenues generated between June 23 and June 30.
On the other hand, MGM Springfield generated $19.9 million gross revenue for June. It paid $4.9 million in taxes.
A dispute was reported between Wynn Resorts and the owner of the luxury property, and Suffolk Construction, the primary contractor for the resort as subcontractors claim Wynn Resorts owes them millions for work done at their new casino resort.
In a recent meet on the occasion of annual analyst and investor day at the newly opened Everett casino, the gambling operator said that they believe that their revenue will grow by 22 percent in the next two years and its EBITDA (earnings before interest, taxes, depreciation, and amortization) will increase by 28%.