Steve Wynn is in the limelight again. He could be soon banned from Wynn Resorts Casinos, the enterprise he inaugurated 17 years ago. Since then it has become a virtual empire, but he will no longer be allowed to set foot on the premises.
This is unpleasant news for the billionaire founder and former CEO of the Nevada property. Furthermore, there are venues in Macau and the upcoming Encore Boston Harbor integrated casino resort to consider.
Wynn Resorts wants to convince Massachusetts gaming regulators that times have changed at the two Las Vegas flagship locations founded in 2002. The Wynn Palace on the Cotai Strip is the world’s richest gambling hub at $4.2 billion. Employees top 25,000 in all locations, with a combined revenue of $6.72 billion in 2018.
Wynn of course resigned in February of 2018 and sold his stake following allegations of sexual misconduct. But don’t expect a property name change just yet. Nonetheless, the company has separated from its founder.
CEO Matt Maddox, a Wynn protégé with the company since its inception, has replaced the longtime boss. He told the Massachusetts Gaming Commission that”
“Steve Wynn is not Wynn Resorts. This company is not about a man. It hasn’t been about a man for 18 years.”
For the MGC, it is about the resort’s actions in withholding knowledge of Wynn’s wrongdoings. A Boston casino license is in jeopardy. Maddox declares his innocence. A determination about keeping the license is forthcoming as the Encore Boston Harbor is slated to open its doors on June 23rd.
Critics feel that Maddox should have known. They want a cleaned house. He has been president and the new CEO role should cement the progress made. In fact, the Nevada Gaming Control Board states that”
“The 42-year-old has been found suitable as an officer of Wynn Resorts and remains in good standing with the Nevada Gaming Control Board.”