MGM Resorts has issued a statement confirming that it will not be proceeding with talks to acquire Encore Boston Harbor Casino from Wynn Resorts.
Negotiations, which commenced last week between the two firms regarding the purchase of the yet-to-be-built location in Everett, sparked concerns that MGM would have to sell its Springfield casino which opened last August. State law decrees that a casino operator may only hold one casino license.
The press statement circulated by MGM read: “We have noted the anxiety raised by various stakeholders regarding a transaction and this troubles us at MGM. We only wish to have a positive impact on communities in which we operate. We think the best course of action is to discontinue discussions concerning this opportunity. We wish the company and the Everett community all the best and look forward to visiting their beautiful resort when it opens and welcoming the 5,600 employees to our industry.’’
News that the talks had been abandoned was also confirmed by Wynn which released its own statement. “Wynn Resorts prides itself on the design, development and operation of the world’s best integrated resorts. At times, world class assets attract the attention of others and our board takes seriously its fiduciary duty to review such interest. After careful consideration we have agreed to cease discussions with MGM Resorts,”
