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Wynn CEO Reassures Investors Over Encore Boston Harbor Investigation

Wynn CEO Matt Maddox Claims Encore Boston Harbor Will Open On Schedule Despite Ongoing Massachusetts Gaming Commission Investigation


Last week, Wynn Resorts and the Nevada Gaming Control Board reached an agreement to conclude the board’s year-long investigation into the company regarding its former CEO’s sexual misconduct allegations.

This week, Wynn Resorts CEO Matt Maddox assured his investors that they will reach a similar conclusion with the Massachusetts Gaming Commission. According to the Boston Globe, Maddox claimed that the multi-billion dollar Encore Boston Harbor Resort will still open on schedule.

Like its Nevada counterparts, the Massachusetts Gaming Commission opened an investigation into the company when the allegations of Steve Wynn’s misconduct surfaced. The regulatory bodies of both states wanted to find out if and when executives knew about the allegations, and if the company had suitably addressed their workplace environment.

In Nevada, the state decided that Wynn Resorts had done enough, ensuring that 50 percent of the board is now female, ending their investigation with an undisclosed fine. Massachusetts has not yet made a decision and there have been rumblings that the state is considering pulling Wynn’s gaming license, but that hasn’t stopped Maddox’s optimism.

“I’m sure you saw the press," Maddox said during a four-quarter earnings call. “Settled here in the state of Nevada on the regulatory issues. Everything except the fine. I want to commend the regulators for the extensive and thorough work that they’ve done in Massachusetts. They’ve taken this extremely seriously and I think that they’ve done a very good job and we’re now just looking forward to a hearing and for us to present our case.”

Maddox, however, has a good reason to stay optimistic. Last November, the new CEO’s statements regarding the construction stoppage on the proposed Paradise Park in Las Vegas led to the company’s stock price falling 15 percent in one day.

Encore Boston Harbor is scheduled to open June 23 in Everett. It was the only casino that received a license to operate in the Greater Boston area. With its scheduled grand opening looming, a final decision from the Massachusetts Gaming Commission should be announced soon.