Wynn Resorts completes sale and leaseback of Encore Boston Harbor
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Massachusetts (Boston Harbor) - Wynn Resorts December 1 completed a deal for the sale of Encore Boston Harbor’s land and real estate assets to Realty Income Corporation. The $1.7 billion cash sale represents a 5.9% cash cap rate with all necessary regulatory approvals finalized. Net proceeds of the sale result in Wynn’s global liquidity position of $4.4 billion. Wynn Resorts will continue to operate Encore Boston Harbor through a triple net lease arrangement with Realty Income. The lease has an initial annual rent of $100 million for a term of 30 years, with one 30-year renewal option.