Wynn Resorts owns and operates Wynn Las Vegas (), Encore Boston Harbor (), Wynn Macau (), and Wynn Palace, Cotai (). Wynn Resorts, Limited is traded on the Nasdaq Global Select Market under the ticker symbol WYNN and is part of the S&P 500 Index. The rent will escalate annually at a rate of 1.75% for the first ten years and the greater of 1.75% or CPI (capped at 2.5%) over the remaining initial lease term. The lease has an initial annual rent of $100 million for a term of thirty years with one thirty-year renewal option. Wynn Resorts will continue to operate the Encore Boston Harbor integrated resort at the five-star standard for which the Company is renowned via a triple net lease arrangement with Realty Income.
The net proceeds of the transaction will further strengthen the Company’s global liquidity position to $4.4 billion. LAS VEGAS, December 01, 2022-( BUSINESS WIRE)-Wynn Resorts, Limited (NASDAQ: WYNN) today announced that it has completed the sale of the land and real estate assets of Encore Boston Harbor to Realty Income Corporation (Realty Income, NYSE: O) for $1.7 billion in cash, representing a cash cap rate of 5.9%, having received all necessary regulatory approvals.
