Wynn Sells Boston Property to Realty Income for $1.7 Billion

Wynn Resorts Ltd. agreed to sell the land and buildings associated with its Encore Boston Harbor resort for $1.7 billion to Realty Income Co.

Wynn will continue to manage the property, paying the San Diego-based real estate investment trust rent that begins at $100 million annually. The Las Vegas-based casino giant is keeping 13 acres of adjacent land that it will use to build a parking garage and other non-casino amenities. Wynn has an option to sell that land to Realty Income for an additional $20 million a year in rent.

The transaction is expected to close in the ...