Steve Wynn Is Off Casino License but Company is Not in the Clear to Keep It

Wynn Resorts may have taken an important step toward continuing to hold its license to build and operate its Everett casino but it has not yet been deemed to be suitable to keep it. The Massachusetts Gaming Commission has ruled that the company has sufficiently distanced itself from Steve Wynn so the founder can be removed from the license. However, whether the company is “suitable” to keep the license won’t come until at least the summer.

Wynn Resorts and its new CEO Matt Maddox went to great lengths back on April 27th in front of the commission to show that they have nothing to do with Steve Wynn any longer: the founder resigned from the board, sold his remaining shares and moved out of the company villa in Las Vegas. It was all in an effort to have Steve Wynn removed as a ‘qualifier’ for the license. It was necessary if Wynn resorts had any chance of continuing to be deemed “suitable” to hold the license.

Steve Wynn may now be gone but that doesn’t mean Wynn Resorts is out of the woods as far as keeping the license. The gaming commission is in the midst of an investigation to find out who knew what, when, in regard to a $7.5 million payment to a manicurist that was hidden from the commission when it was originally evaluating the company’s suitability. The commission has said that investigation should be wrapped up by the summer.

In addition to Steve Wynn’s moves, the company announced it’s change the name of the development to “Encore Boston Harbor,” in a move revealed by The Everett Stimulus way back on April 3rd.

Far from being “padlocked” as described by an anti-Mayor Carlo DeMaria “newspaper” in the Everett, the worksite on lower Broadway continues to bustle with activity. Work on the 27-story hotel at the project reached that height and held a “topping-off” party with Everett officials and the media.

Steve Wynn coming off the company’s license for the casino is an important but not determinative step in Wynn Resorts’ efforts to finish and operate the Everett project.

Stay tuned.

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