Wynn Resorts: Encore Boston Harbor

Project Details

Location
Massachusetts
Skills
Project Feasibility, Market research, Strategy development, Impact assessments, Expert witness

Project Description

Over a five-year period and during her time with TMG Consulting, Suzanne Leckert provided analyses and project development support to Wynn Resorts, resulting in the on-going development of the $2.6 billion Encore Boston Harbor on a former brownfield site in Massachusetts.

Ms. Leckert assisted in site selection for the new Wynn Resorts facility, performing an in-depth assessment of the highly competitive gaming market of the Northeast United States. Utilizing geographic information systems (GIS) tools, data mining, and boots-on-the-ground research, the respective feeder markets for three casino sites were evaluated. The existing and potential future competitive landscape was assessed, and locational advantages and disadvantages identified. To quantify these market factors, Ms. Leckert constructed a massive gravity model for the entire Northeast region of the U.S., projecting the visitation and revenue potential for each development site, resulting in a recommendation for the most advantageous location.

Once a final site was selected by the client, a convention and meeting space assessment was performed to determine the potential demand for hotel and convention facilities at the integrated resort. Working with the Wynn team, resort operating pro-formas were developed for the first five years of operation, projecting revenues and expenses at the departmental level, and resulting property EBITDA (earnings before interest, taxes, depreciation and amortization). A series of economic impact assessments were performed based upon the modeled geographic spread of visitors, resulting in estimates of indirect jobs, income growth, spending and tax impacts to the state, county, and surrounding communities due to the development and operation of the integrated resort. Ms. Leckert provided expert witness testimony before the Massachusetts Gaming Commission in support of Wynn Resorts’ license application, as well as in negotiations with surrounding communities regarding impacts from the project. Wynn Resorts was awarded the exclusive resort casino license for the Boston area in late 2014, and Encore Boston Harbor is slated to open in Summer 2019.

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