Wynn Resorts announced this week that it has finalized four new community agreements, with nearby cities, which recognize the potential impacts from Wynn’s proposed Everett casino. The cities of Cambridge and Medford have each signed Surrounding Community Agreements with Wynn, while Lynn and Melrose have signed Neighboring Community Agreements with the international gaming and resort developers.
Malden signed the first Surrounding Community Agreement with Wynn in 2013.
Many of the agreements include annual cash payments to the municipalities, in consideration of the anticipated impacts the cities expect from the potential development of a nearly $1 billion development on lower Broadway in Everett. The agreements also include commitments to hire local employees and utilize/promote local businesses.
In a statement released through Wynn’s public relations firm, Robert DeSalvo, a senior vice president with Wynn Resorts Developmet said, “A Wynn Resort will have positive impacts on people and neighborhoods beyond Everett, and these agreements are a way to truly demonstrate our ongoing support and partnership. It’s not just about writing a check, it’s about providing careers, bolstering the local economy, creating a public waterfront and making the region better for us all.”
All five local community agreements can be found on the state Gaming Commission’s website at www.massgaming.com.
In reviewing the five agreements, as posted on the website, the city of Malden appears to have received the richest deal from Wynn, with one time up-front payments totaling $1 million and annual payments thereafter totaling $850,000 with a built-in 2.5 per annum escalator and an additional escalator to be negotiated at year 5. Virtually all of the financial payments serve as mitigation for anticipated transportation and public safety impacts.
Medford also received some significant financial compensation, with $675,000 in annual payments for anticipated transportation and public safety impacts.
Cambridge negotiated a one-time up-front payment of $200,000 to study traffic impacts and an annual $50,000 payment to assist with planned water transportation collaboration between Wynn, Everett and Cambridge.
Wynn has also committed to working with Cambridge, Everett and other impacted communities on identifying and helping to fund a transportation solution to Sullivan Square, which is expected to be highly impacted by the proposed Wynn development and which could cost upwards of $6 million to construct.