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A $1.2 billion resort casino proposed for an old factory site on the Mystic River would pay Everett tens of millions of dollars in annual revenues, including hotel and meals taxes, under an agreement negotiated between the city and Wynn Resorts of Las Vegas. But the casino developer would not pay real estate taxes on the posh project, which would include a five-star 551-room hotel, a 24-hour casino, a spa and meeting space, restaurants, and retail shops. Everett instead would receive a $20 million payment in lieu of taxes, which would increase by 2.5 percent each year the resort is open.
Mayor Carlo DeMaria Jr. believes the tax deal would give Everett a predictable amount of revenue, but his opponents in the fall election say it would really be a tax break for Wynn.