After the election on Monday, Wynn Resorts broadcast that they are suspending their bid to manage a casino project in Gillette Stadium in Foxborough, Wynn said that “respect the outcome” of that election vote.
“For the past six month, Wynn Resorts has sought to communicate the benefits of a proposed destination resort in Foxborough,” Said in a statement by a Las Vegas-based gaming company. “Yesterday’s election demonstrates the community’s will and Wynn Resorts respects the outcome.”
Wynn Resorts said that “We also would like to extend our gratitude to Robert Kraft and The Kraft Group for the introduction to the Town of Foxborough and support in this project,”
The decision to take of paves the way to the Suffolk Downs casino-resort proposal, which means proposed by the Caesars Entertainment Corp., who’s the top leading contender in eastern Massachusetts, which can be granted to a developer.
Virginia Coppola and Lorraine Brue, they are the two candidates who won on late Tuesday in an election that brought about 60% voter turnout. They win anti-casino forces among the Foxborough selectmen board. Analyst Bill Lerner along Union Gaming Research in Las Vegas, said that there are four candidates who regularly split in issue and running for two seats.
According to the state’s gaming laws, majority of selectmen can vote in favor of negotiations with Wynn Resort’s and Bob Kraft’s The Kraft Group.
“When the Commonwealth of Massachusetts pass gaming legislation, we brought forth an opportunity with the unquestioned premier developer and operator in the industry,” The Kraft Group said in a the statement. “We have great respect for Steve Wynn, his team and his business model, and believe this unique opportunity was worthy of a chance to be heard.”
The Monday’s elections were acknowledged by the Kraft’s who vote against the project.
“With that democratic statement, as opposed to the voices of five individuals, we will be suspending our efforts regarding a destination resort development,” The Kraft Group said.
The commissions of the Wynn Resorts were dropped to 5.10% or $6.38 to $118.70 in mid-day trading on the Nasdaq shares.