The state Gaming Commission, which today begins its marathon deliberations over the coveted Boston-area casino license, is recommending Wynn Resorts redesign the exterior of its $1.6 billion casino proposal as a condition of a license if the company's Everett project is selected over Mohegan Sun's.
The details offer the first glimpse of the commission's long-awaited appraisal of the two rival bidders vying for what's considered the state's most lucrative gaming permit.
Commissioner James McHugh said Wynn's Everett design "doesn't capture the energy that this company is capable of," calling Wynn's Las Vegas design "spectacular" and "compelling" by comparison.
"(T)he Commission strongly urges Wynn to reconsider the exterior design of the buildings and present a revised design to the Commission and, in any event, Wynn shall submit exterior material and finish selection and samples for review and approval by the Commission ...," reads a document the commission will be considering today in its review of building and site design.
The commission, however, is not asking the same of Mohegan, which is proposing a $1.3 billion plan to build a gambling palace in Revere. Instead, it's asking the developer to "submit exterior material and finish selection and samples for review and approval by the Commission."
The state chapter of the American Institute of Architects recently told the commission in a letter that Mohegan's plan is "markedly superior in every design aspect" to Wynn's.
Wynn declined comment, saying it will withhold remarks until the end of the process.
Meanwhile, a commission working group also released its conclusions today on Mohegn and Wynn's financing plans, deeming Mohegan's plan "Sufficient" and giving Wynn's plan an edge with a rating of "Very Good/Outstanding."
The finance group, headed by commissioner Enrique Zuniga, which will report soon, zeroed in on 60 percent of Mohegan's venture being financed by a private equity firm, Brigade Capital, and that a separate partner would operate retail components at the casino. It also says the plan doesn't recognize the full market opportunity of a Boston-area casino.
"While the Applicant has demonstrated the necessary financial capability to develop and operate their proposed complex, its funding plan is complex (i.e. multiple parties with investment in and operational responsibilities for various project components) and by some measures highly leveraged," a summary reads. "This complexity will likely reduce the degree of flexibility the the Applicant requires to efficiently (including timing) and effectively respond to marketplace changes that will likely occur over the term of the license, including immediately after opening."
The commission said Wynn has demonstrated more solid, stable financial footing and isn't as vulnerable to changes in market conditions.
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