This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Wynn Details Massachusetts Casino

By Bob Salsberg

BOSTON -- Las Vegas casino owner Steve Wynn unveiled details Friday of a proposed Massachusetts resort casino he hopes to develop near the home of the New England Patriots.

Wynn mailed a brochure and 20-minute DVD to thousands of Foxborough households explaining the proposal, which has met resistance from many residents who are worried that it will add to traffic congestion and crime in the town about 25 miles south of Boston.

An artist's rendering depicts a sprawling, six-story building that resembles a rustic lodge, rather than a high-rise Las Vegas-style casino. It would be built on vacant land across from Gillette Stadium that would be leased from Patriots owner Robert Kraft.

Wynn, the billionaire CEO of Wynn Resorts Ltd (WYNN), had earlier pledged that the proposed casino would fit the character of the town and would not be as large or flashy as the typical Las Vegas casino.

> > Bull or Bear? Vote in Our Poll

In a letter accompanying the brochure and DVD, Wynn said the casino would benefit the town "both socially and economically." He said the plans included a luxury hotel, convention space, more than 5,000 covered parking spaces, a public skating rink, high-end shops, a spa, fine dining and casual restaurants, and a performance theater.

AP
This image released Friday, March 2, 2012 by Wynn Resorts shows an artist's rendering of a proposed resort casino in Foxborough, Mass.

The casino would create more than 4,000 permanent jobs and about 10,000 construction jobs, Wynn wrote, and it would generate between $10 million and $15 million for Foxborough that could be used to lower property taxes or invest in other town services. He also said an agreement could be reached with the town to cover public safety and other costs associated with the casino and that a study would be done to determine the traffic impact.

"We're excited by the design and the unique opportunity the Wynn Resorts project presents for long-term economic growth in Foxborough," Kraft Group spokesman Dan Krantz said.

"Since bringing forth the idea in December of last year, Wynn Resorts has followed through on a commitment to generate renderings and estimate the resort's direct tax benefits. As we anticipated, the design and décor assimilates to its surroundings, and is likely in stark contrast to the Las Vegas-style high-rise that some may have envisioned," he said.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
AAPL $110.37 -1.75%
FB $88.15 -1.94%
GOOG $606.25 -1.32%
TSLA $245.57 -0.86%
YHOO $32.54 2.42%

Markets

Chart of I:DJI
DOW 16,374.76 +23.38 0.14%
S&P 500 1,951.13 +2.27 0.12%
NASDAQ 4,733.4970 -16.4820 -0.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs