He praised the Everett casino’s 3,400-person workforce, pointing out that the casino posted a record operating profit of $68 million in the final quarter of 2021. “This was a cost-of-capital question first and foremost.” “We weren’t in the market just to raise cash, right?” Billings said. Instead, it was a result of the company looking at the cost of debt, such as raising money through the bond market, and weighing that against the lease costs, among other things.

MGM Resorts sold its casino in Springfield, for example, for $400 million last year to MGM Growth Properties, and then leased it back.īillings emphasized in a conference call with analysts that the Everett sale-leaseback was not being driven by a short-term need for cash. Although this is the first such deal for Wynn, sale-leasebacks are becoming increasingly common in the casino industry.

Wynn has the option to sell this land across the street, also to Realty Income, for up to six years after the casino sale-leaseback closes.

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