• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Boston regulator accepts Wynn Resorts founder cut out

May 08, 2018 Newsdesk Latest News, Top of the deck, World  


Boston regulator accepts Wynn Resorts founder cut out

The Massachusetts gambling regulator said on Monday it accepted that entrepreneur Steve Wynn (pictured) no longer had a business relationship with casino operator Wynn Resorts Ltd, and the firm could therefore remove his name from the licensing agreement for the under-development Boston Harbor casino project.

That could also pave the way for the brand name “Wynn” to be removed from the actual structure, separately reported Reuters and the Associated Press.

The firm has proposed the alternative name “Encore Boston Harbor”, rather than “Wynn Boston Harbor”, as had previously been mooted.

The Associated Press suggested – without citing sources – that such practical and symbolic changes would not be enough to end the state’s investigation into Wynn Resorts in terms of its handling of the sexual misconduct allegations against the group’s ousted founder and chairman Steve Wynn. Mr Wynn resigned from his posts in February and has since sold his entire stake in the firm. The businessman has denied any wrongdoing.

Wynn Resorts is the parent of Macau casino operator Wynn Macau Ltd.

In its Monday statement, the Massachusetts Gaming Commission said it decided that there was “substantial evidence that the relationship between Mr Wynn and Wynn Resorts has been terminated in a meaningful way such that Mr Wynn no longer falls within the definition of qualifier at the conclusion of the upcoming annual shareholders meeting.” Wynn Resorts’ annual meeting is in Las Vegas, Nevada, on May 16.

Under Massachusetts law, those deemed “qualifiers” in the gaming licensing context must pass a state background check to determine suitability to hold a licence.

In other developments, Mr Wynn’s ex-wife Elaine Wynn, continued her lobbying for changes to the current leadership of the company.

A Monday filing to Nasdaq said Ms Wynn had launched a website called RestoreWynn.com in support of her lobbying, and which claimed, amongst other things, that Wynn Resorts’ reported willingness to consider disposal of the Boston Harbor project was due to the board’s concern about Massachusetts’ probe of the sexual misconduct allegations, and “who knew what and when”.

A filing on Sunday from Ms Wynn had welcomed a decision of proxy services firm, Institutional Shareholder Services Inc (ISS), to advise Wynn Resorts stockholders to withhold their vote for director Jay Hagenbuch at the annual meeting. On May 3 Glass, Lewis & Co LLC also recommended that shareholders withhold support for the board member, who is seeking re-election.

Ms Wynn said in a slide presentation called “Restore Wynn” filed with Nasdaq that withholding support for Mr Hagenbuch would “serve as a referendum on all of the long-standing legacy directors, who personify the company’s severe governance deficiencies”.

Wynn Resorts had said in a Sunday response to ISS, that the organisation had “placed symbolism ahead of pragmatism”.

But the casino firm additionally noted that ISS had also not advocated specific proposals made by Ms Wynn.

“ISS clearly recognises the weaknesses in Elaine Wynn’s campaign and notes that her arguments very well might be motivated by personal animosity. It also highlights her position as a member of the Wynn board for a prolonged period of time and questions her own culpability for many of the things for which she now criticises the board,” said Wynn Resorts.


  • tweet
Related articles
  • Wynn Resorts ups share offer, to raise at least US$748mln
    Wynn Resorts ups share offer, to raise...

    Feb 09, 2021  

  • Wynn reconfiguring Macau venues, eyes more market share
    Wynn reconfiguring Macau venues, eyes...

    Feb 05, 2021  

More news
  • Fitch says LVS Nevada sale slight negative, Moody’s keener
    Fitch says LVS Nevada sale slight...

    Mar 05, 2021  

  • Travel ban on casino hub Sihanoukville: reports
    Travel ban on casino hub Sihanoukville:...

    Mar 05, 2021  


Latest News

Fitch says LVS Nevada sale slight negative, Moody’s keener

Fitch says LVS Nevada sale slight negative, Moody’s keener

Mar 05, 2021  

Despite United States-based casino group Las Vegas Sands Corp (LVS) being in line to generate US$6.25 billion from the sale of its Las Vegas, Nevada assets, Fitch Ratings Inc said in a Thursday memo...
Read More
Travel ban on casino hub Sihanoukville: reports

Travel ban on casino hub Sihanoukville: reports

Mar 05, 2021  

Melco says City of Dreams in Cyprus open summer 2022

Melco says City of Dreams in Cyprus open summer 2022

Mar 05, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

“Prolonged closure of operations could derail earnings recovery and weigh on NagaCorp’s credit quality"

Junling Tan, Yu Sheng Tay and Vikas Halan

Analysts at credit rating agency Moody’s Investors Service



Most Popular

  • Lim Kok Thay, GEN Singapore execs in US$1.3mln stock awardLim Kok Thay, GEN Singapore execs in US$1.3mln stock award March 2, 2021
  • Las Vegas Sands to sell off Nevada assets for US$6.25blnLas Vegas Sands to sell off Nevada assets for US$6.25bln March 3, 2021
  • Covid-19 test cert no longer needed for Macau casino entryCovid-19 test cert no longer needed for Macau casino entry March 2, 2021
  • Pansy Ho again cuts stake in MGM Resorts, for US$57mlnPansy Ho again cuts stake in MGM Resorts, for US$57mln March 4, 2021
  • LVS plans to keep U.S. base, stock listing: spokesmanLVS plans to keep U.S. base, stock listing: spokesman March 4, 2021
Copyright 2014-2021 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us