The company reached a sale-leaseback deal to sell Encore Boston Harbor’s land and real estate assets for $1.7B to Realty Income, Wynn announced Tuesday. The gaming giant spent $2.6B developing the casino and hotel just over the border with Boston, which opened in 2019.
Under the terms of the deal, expected to close in the fourth quarter, Wynn would sign a 30-year, triple-net lease at an initial rent of $100M. That rent would increase throughout the term of the lease, starting at a 1.75% rate for the first 10 years.
