Wynn signs land deal for Everett casino

EVERETT, Mass. (AP) - Las Vegas casino developer Steve Wynn has secured a 14-month lease on a 37-acre piece of land on the Mystic River in Everett and plans to submit an application to the state gambling commission to build a $1 billion casino there.

Mayor Carlo DeMaria Jr. told about 300 residents who gathered Tuesday night for a community meeting to discuss the proposal he expected Wynn apply to the state.

The Boston Globe reports that DeMaria said a 24-hour-a-day casino would be just one component of the development, which would also include a hotel, restaurants, shops, and entertainment. He says the development would generate $20 million to $30 million in annual tax revenue.

Wynn's proposal is in competition with a possible casino at the Suffolk Downs horse track on the Boston/Revere line.