By Ted Jackson

In an effort to ease pressure on its debt-burdened balance sheet, gaming giant Wynn Resorts has entered into a $1.7-billion sale-leaseback of the land and real estate assets of its Encore Boston Harbor casino property in Everett, MA. The sale to net lease REIT Realty Income represents a 5.9% cap rate.

The lease will have an initial total annual rent of $100 million and an initial term of 30 years, with one 30-year tenant renewal option.

Wynn will retain its 13-acre developable land assemblage on the east side of Broadway in Everett, on a portion of which the company plans to construct an expansion.