Boston Mayor Martin Walsh and Las Vegas casino mogul Steve Wynn struck a deal in which the city dropped its efforts to stop a casino in neighboring Everett in exchange for $68 million in mitigation funds over 15 years.

The arrangement also calls for $20 million annually for local business over the 15 years and the option of creating open space in Boston's Charlestown neighborhood, which abuts Everett.

According to a Jan. 27 statement by Walsh, the agreement represents the largest community benefit to date offered by Wynn Resorts or the Massachusetts Gaming Commission to the capital city.

"Our efforts over the past two years have been to protect the people of Boston and ensure the neighborhood of Charlestown is treated fairly," Walsh said.

The agreement also includes $31 million over 15 years for community impact; $25 million over 10 years for Sullivan Square infrastructure improvements; $11 million for traffic mitigation in Charlestown; $250,000 for a regional working Group on a long-term fix for Sullivan Square in Charlestown; and a $1 million for reimbursement of professional expenses.

Wynn agreed to further commitments by Wynn Resorts for traffic improvements, including transportation demand management measures, a transportation monitoring program and additional mitigation measures if operational deficiencies surface.

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