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-( 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.
