CITY PITCHES IN FOR EARTH DAY
Vol. 27, No. 17
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All eyes on Gaming Commission today for future of Wynn project By Brendan Clogston oday’s Massachusetts Gaming Commission (MGC) meeting could be a make-or-break moment for Wynn Boston Harbor, but at least as of press time, the show will go on as Wynn hosts a topping-off celebration at the construction site on Lower Broadway.
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While Mayor Carlo DeMaria and Wynn officials have been publicly bullish on the $2.4 billion casino’s future, MGC Chair Stephen Crosby’s February statement that construction at the site is proceeding on an “at risk” basis while MGC investigates Wynn Resorts’s response to reports of sexual misconduct on the part of its founder and for-
mer CEO, Steve Wynn, has set off a series of reports, fears, speculation and rumors about what will happen to the half-constructed tower on the Mystic River. Once it was thought that its name could be changed; now there are fears that the building itself might change hands, with reports that
GAMING | SEE PAGE 5
Everett Bank wishes to honor President Marjorie A. White for 50 years of service. “Marge” is well-known in the Everett community and has been devoted to the Bank’s customers - always there to help when she can. Over the past 50 years, her efforts, dedication, and exemplary service has played a tremendous part in the success of Everett Bank. The Board of Directors and staff would like to take this opportunity to thank Marge for her commendable service and company loyalty. Congratulations on 50 wonderful years!!
617-387-2200
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Friday, April 27, 2018
S&P Global assigns Everett’s long-term bond rating to one of its highest levels n Monday, April 23, Mayor Carlo DeMaria announced that Standard & Poor’s Global Ratings assigned its ‘AA+’ longterm rating to the City of Everett for the second year in a row. Last year S&P raised the City’s longterm rating on general obligation (GO) bonds to‘AA+’from‘AA’ based on a draft report citing Everett’s improved reserve levels and increased property wealth. S&P cited the city’s strong management, strong budgetary performance with operating surpluses, very strong budgetary flexibility, very strong liquidity and low overall net debt. S & P also highlighted the DeMaria administration’s formal five-year, long-term capital and operating projections; and regular reporting on city finances with budget-to-actuals submitted to the City Council monthly and in-
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vestment statements shared quarterly. The rating continues to be driven by the development of the $2.5 billion Wynn Boston Harbor, which has had a notable effect on property values and will add $25 million in annually recurring revenues to Everett’s coffers once complete. The casino is one of three licensed in the state under current legislation and will be the closest casino to Boston. The long-term rating reflects a strong economy with access to a broad and diverse metropolitan statistical area, and strong management with good financial policies and practices, strong budgetary performance and a strong institutional framework score. However, the rat-
S&P GLOBAL | SEE PAGE 26
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