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US – Wynn removed from list of qualifiers for Boston casino

By - 11 April 2018

Lawyers representing both Steve Wynn and Wynn Resorts have lodged a request to the Massachusetts Gaming Commission to take the former casino CEO off its list of qualifiers, a record of crucial executives needed for a licence approval to be approved on the basis of suitability reviews.

Massachusetts Gaming Commission spokeswoman Elaine Driscoll said: “The Commission has recently received requests from attorneys representing Steve Wynn, Wynn Resorts Limited and Wynn MA LLC that Steve Wynn no longer be considered a qualifier for Wynn Boston Harbor based on his resignation and divestiture from Wynn Resorts.”

She added that whilst the Commission intends to discuss the process for handling the requests, it won’t actually cast votes on the requests themselves.

Mr. Wynn stepped down as CEO of Wynn Resorts earlier this year following accusations of sexual misconduct and has since offloaded his stake in the company.

Greg John, Executive Director of Brand Marketing for Wynn Boston Harbor, said: “With the resignation of Steve Wynn as Chairman and CEO and the completed sale of his shares in Wynn Resorts, it is appropriate to have him removed as a qualifier for Wynn MA in Massachusetts. Steve Wynn is fully separated from the Company and completely removed from all ownership, strategic and operational functions.”

If following the completion of investigation, the gaming Commission decides Wynn Resorts should no longer be its chosen operator or indeed if Wynn Resorts decides to sell then the Commission will need to transfer the license to a company not yet present in the state as and under the commission’s regulations a company can’t operate two casino licenses in Massachusetts.

Massachusetts Governor Charlie Baker added: “Keep in mind that the Gaming Commission’s investigation is ongoing, and some of the things that were most important to people – Steve Wynn leaving the board, Steve Wynn selling out his position in the company – those have happened.”

However Everett Mayor Carlo DeMaria has said he is ‘very disturbed’ about the prospect of the casino licence changing hands as it new owners might not live up to the standards promised by Wynn.

“I believe I have veto power,” Mayor DeMaria said. “I will exercise those priorities if I have to.”

There is mounting speculation that the Boston resort could be renamed to Encore Boston Harbor after Wynn Resorts registered websites using the Encore name, including encorebostonharbor.com.

Motley Fool Analyst Rich Duprey said: “That could be the easiest way for Wynn to change its dynamic without straying too far from its core, as the hotel adjacent to the flagship Wynn Resorts casino in Las Vegas is named Encore. Wynn Resorts operates the most profitable luxury resorts in the world, but the man who created them has severed all ties to it. But, with his name still emblazoned on the sides of the buildings, Wynn Resorts has one more move it needs to make: a companywide rebranding.”

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