Business

Wynn Resorts Taps Into Untouched Market In Boston With Upcoming Casino

When it comes to luxury and relaxation, there’s no better establishment to turn than world-class hotels and accommodations. For their part, these businesses have to keep up with the increasingly competitive industry and doing so means expanding their reach with new properties, amenities, and services. For Wynn Resorts, keeping up with the industry means creating new opportunities in other areas.

Later this year, Wynn Resorts Limited is expected to open a new resort in Boston. This is big news for the resorts company as it is its first establishment in over a decade. Moreover, the upcoming Encore Borton Harbor will be the only casino of its kind in the area. That being said, Wynn Resorts is tapping into an uncontested market of wealthy locals and tourist in Boston. Investors in the resort don’t have to worry about the upcoming venture though as the market for gambling in the East Coast is relatively strong. There are already some establishments in other states such as Pennsylvania and Virginia.

 

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Wynn Resorts is putting in a hefty $2.6 billion price tag on the upcoming establishment so we can expect the Encore Boston Harbor to be grand and luxurious at the very least. For now, the company is yet to reveal exactly what amenities and features await local Bostonians in the upcoming establishment but knowing Wynn Resorts, we can only expect the best.

It has been somewhat of a trademark for Wynn Resorts to go almost all out in new investments. From an investor’s standpoint, the $2.6 billion casino looks to be a very hefty bill for the company whose stocks ended poorly in 2018. However, if they are keeping track of the company’s stock in 2019, they should be confident knowing that it kicked off the year with a bang.

The company’s stock saw a decline in 2018 which resulted in losses but as expected, the company bounced back and boy did it bounce back hard. According to recent market movement, it has gained 21.4 percent year-to-date, thus making up for its losses in 2018. It has performed consistently well recently because of its solid performance in the city that never sleeps, Las Vegas.

For Encore Boston Harbor to generate effective gains, it will need to rake in over $1.2 billion in revenue. Considering it has no competition in Boston, this is very possible. Of course, it will continue to draw in better number once it is able to attract the untapped market.

For the establishment itself, Wynn Resorts needs to make sure that they don’t skimp out on any of the amazing amenities and features that are typically found in its businesses. They have a reputation to maintain after all.

Wynn Resorts’ upcoming expansion into an untapped market is exciting and the chances of it making huge profits for the company and investors remain promising. While we can’t exactly say what the numbers will be, for now, it seems like everything will be all and well once Encore Boston Harbor opens its doors as the company is placing a huge investment into it.