In a stunning turn of events, Wynn Resorts has announced that they are suspending their casino expansion project in Everett due to a dispute over taxes and payments to the city. The decision comes as a major blow to the community and the state as a whole, as the casino was expected to bring in millions of dollars in revenue and create thousands of jobs.
The dispute centers around the tax rate that Wynn Resorts is required to pay on their new casino, which is currently set at 25%. Wynn argues that this rate is too high and is threatening to suspend construction until the tax rate is lowered. The company also claims that they have been asked to make additional payments to the city of Everett, which they believe are unfair.
City officials have expressed their disappointment with Wynn’s decision, stating that the casino expansion was a vital part of their economic development plans. Mayor Carlo DeMaria Jr. has called on Wynn to reconsider their decision and come to an agreement with the city.
In a statement, Wynn Resorts CEO Matt Maddox said, “We have been negotiating in good faith with the city of Everett for months, but unfortunately we have reached an impasse. We cannot move forward with the project under the current conditions, and we have no choice but to suspend construction until a resolution can be reached.”
The news has sent shockwaves through the community, with many residents expressing concern over the future of the project. The casino expansion was expected to bring in over $600 million in revenue annually, as well as create over 4,000 construction jobs and 4,000 permanent jobs once the casino was operational.
Despite the setback, Mayor DeMaria remains hopeful that a resolution can be reached and construction can resume on the project. “We are committed to working with Wynn Resorts to find a solution that is fair to both parties and benefits the community as a whole,” he said.
In the meantime, the future of the casino expansion remains uncertain, leaving many wondering what will happen next in this high-stakes dispute. Only time will tell if Wynn Resorts and the city of Everett can come to an agreement and move forward with this major development project.
