The June, 2019, opening of Encore Boston Harbor will mark a significant transformation and economic resurgence of the Lower Broadway section of Everett and provide a boost to the region's already-strong international and domestic tourism markets. Even now, prior to opening, our tower's construction has positively impacted the local economy.
By the time of its completion, more than 5,200 union jobs and 10 million labor hours will have been required to build the five-star, $2.6 billion Encore Boston Harbor project. That makes our 27-floor, three-million-square-foot resort the largest private, single-phase development in the history of the Commonwealth of Massachusetts.
With the opening of Encore Boston Harbor, the community impact only promises to grow. We'll be employing more than 5,000 people in a wide range of occupations, with a payroll expected to top $170 million per year. Each year, $249 million in goods and services will be purchased to maintain our 5-star experience—with $100 million of those funds allocated to local businesses. We're also estimating that Encore Boston Harbor will pay $242 million annually in tax revenues and fees.
These figures are exclusive of secondary spending—the money spent in local communities by Encore Boston Harbor guests, employees and suppliers—which in itself is expected to generate hundreds of millions of dollars. We've enjoyed witnessing this tremendous impact with our award-winning resorts in Las Vegas and look forward to watching similar revenues build in Boston as well.