\nBy Christopher Palmeri Bloomberg<\/p>\n
\tSteve Wynn , the billionaire founder of Wynn Resorts Ltd. (WYNN), criticized a plan by rival Mohegan Sun for a Boston-area casino, saying the tribe would steer business to its home state of Connecticut.<\/p>\n
\tConnecticut has no tax on table games such as blackjack, Wynn said, while Massachusetts will have a 25 percent tax rate.<\/p>\n
\t\u201cWhat do you think they\u2019re going to do when it comes time to move a big customer, pay 25 percent to Massachusetts, or shovel them off to Mohegan Sun in Connecticut where they pay nothing,\u201d said Wynn at a webcast hearing held by the Massachusetts Gaming Commission today in which the two companies presented their competing proposals.<\/p>\n
\tWynn and Mohegan Sun, a unit of the Mohegan Tribal Gaming Authority in Uncasville, Connecticut , are vying for what would be the sole casino license in the Boston area. The commission is expected to pick a winner in May.<\/p>\n
\tMohegan wants to build a casino resort adjacent to the Suffolk Downs horse-racing track in the Boston suburb of Revere. Mohegan Chief Executive Officer Mitchell Etess said today his plan will give easy access to public transportation and save the track, which has lost money as a horse racing-only facility.<\/p>\n
\tThe $1.3 billion project is being financed by New York-based hedge fund Brigade Capital Management LLC. Revere is holding a referendum on the proposal on Feb. 25.<\/p>\n
\tMohegan Sun is required as part of its financing agreement to use its database of customers in New England and Massachusetts to market the property, according to a spokesman.<\/p>\n
\t\u2018Remarkable Destination\u2019<\/p>\n
\t\u201cWe will build a remarkable destination in Revere,\u201d it said in an e-mailed statement after the hearing. It said its plan will \u201cproduce the most revenue, and create thousands of employment and business opportunities for the region.\u201d<\/p>\n
\tWynn said he plans to build a higher-end hotel than Mohegan Sun and that his rival\u2019s proposal to have separate operators for its casino, retail and hotel businesses would also be a \u201ccoordination nightmare.\u201d<\/p>\n
\tRetail brands including Chanel, Gucci and Giorgio Armani are ready to lease space in Wynn\u2019s proposed $1.6 billion resort, which would be located on the site of a former Monsanto Co. chemical plant in Everett, a Boston suburb, Wynn said. Wynn Resorts\u2019 project is also superior because it\u2019s not reliant on external funding, Wynn said.<\/p>\n
\tA Wynn casino in Boston is Mohegan Sun\u2019s \u201cworst nightmare,\u201d he said.<\/p>\n
\tCommission Chairman Stephen Crosby closed the hearing saying the panel would \u201cdo everything within our power to evaluate these proposals carefully.\u201d<\/p>\n
No replies were posted for this topic.<\/p>\n","protected":false},"excerpt":{"rendered":"
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