Wynn Resorts has announced the successful transfer of Encore Boston Harbor's land and other real estate assets to Realty Earnings Corporation for $1.7 billion in cash, or a money cap rate of 5.9%.
The integrated property will continue to be run by the casino as well as entertainment company after the sale, and a triple net leasing agreement will be made with the real estate investment trust.
This will have a duration of 30 years including one 30-year tenant extension option, and an initial total yearly rent of $100 million.
The integrated property will continue to be run by the casino as well as entertainment company after the sale, and a triple net leasing agreement will be made with the real estate investment trust.
This will have a duration of 30 years including one 30-year tenant extension option, and an initial total yearly rent of $100 million.