United States-based casino operator Wynn Resorts Ltd says it will not appeal against a US$35-million fine imposed on it in late April by the Massachusetts casino regulator as part of the fallout from the sexual misconduct allegations against founder and former chief executive Steve Wynn that have roiled the firm.
It cited in a Tuesday press release the desire for what it termed “closure” so that it could open on June 23 its US$2.6-billion Encore Boston Harbor property in that U.S. state as the reason for prompt payment.
The firm – which is the parent of Macau casino operator Wynn Macau Ltd – added however that it “did not agree” with an additional US$500,000 penalty imposed on its chief executive Matt Maddox by the Massachusetts Gaming Commission.
Wynn Resorts added that – had he decided to appeal his own fine – it would have supported him. But as he had also chosen not to contest the matter in order to avoid delays to Encore Boston Harbor, the company would pay his fine too.
The company stated: “The board of directors disagrees with a number of the Commission’s comments and conclusions regarding Matt, and believes they are not supported by the evidence.”
The regulator had said in a 54-page report published on April 30 the fine on Mr Maddox reflected his “clear failure to require an investigation about a specific spa employee complaint brought to his attention”.
Wynn Resorts added in its Tuesday statement: “… we appreciate Matt’s decision to forego an appeal in order to allow closure for the company.”
The release further stated: “The company will pay the fine imposed on him [Mr Maddox] and has today delivered payment of that, and the company’s fine, to the Commission.”
Wynn Resorts also noted: “We believe Matt’s leadership has been, and will continue to be, essential in our transformation from a founder-led company to an innovative global corporation.”
It added: “Matt has created a more diverse, inclusive and respectful workplace culture – all while maintaining focus on executing the company’s business plan.”
On May 17 it emerged that Wynn Resorts was in talks about the possibility of selling Encore Boston Harbor to U.S.-based market rival MGM Resorts International. The latter is the parent of Macau casino operator MGM China Holdings Ltd. Four days later both companies issued separate statements saying the talks had ended without a deal
Nov 12, 2019Linda Chen, vice chairman and chief operating officer of Macau casino operator Wynn Macau Ltd, says she is “not worried at all” with the ongoing contraction in the city’s VIP gaming sector. Ms...
"We came way confident that the [Macau] government’s approach to the 2022 concession rebid will be pragmatic and a priority for the new Chief Executive as he takes office in December 2019"
Colin Mansfield and Alex Bumazhny
Analysts at Fitch Ratings