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The Massachusetts Gaming Commission (MGC) conducted an adjudicatory hearing on Friday, April 27, to assess Steve Wynn’s eligibility under Massachusetts law as a qualifier in relation to Wynn Resorts and Wynn Massachusetts.
Following a request made by attorneys representing Wynn Resorts, the Massachusetts Gaming Commission (MGC) is now conducting a hearing to consider the removal of former CEO Steve Wynn as a qualifier. A qualifier refers to an employee who must undergo suitability reviews.
According to the MGC:
Today’s hearing aims to ascertain if Stephen A. Wynn still qualifies as per Massachusetts law in relation to Wynn Resorts Limited, Wynn Massachusetts LLC, and any affiliated entities.
The upcoming hearing will unfold in the following manner. Initially, our legal counsel will be requested to delve into the laws relevant to the issue at hand. Subsequently, counsel representing Wynn Resorts will have the chance to present evidence supporting their belief that Mr. Wynn is no longer eligible.
After the hearing, the Commission will end the proceedings and hold a private session with legal counsel to discuss and come to a conclusion regarding this matter. A written decision will be promptly issued to reflect the outcome.
Overview of the hearing
The hearing unfolded mostly according to predictions.
During the meeting, the commissioners were briefed by representatives from Wynn Resorts and Steve Wynn about the progress being made to fully disassociate from each other. Additionally, they provided detailed information about any remaining associations Steve Wynn may still have with the company.
MGC thoroughly examined every detail, ranging from Steve Wynn’s personal bank accounts to the ownership of the vast art collection showcased at Wynn properties.
In addition to highlighting noteworthy changes within the company’s board of directors, Wynn Resorts’ presentation also emphasized the inclusion of three women in this crucial leadership role.
- Dee Dee Myers
- Wendy Webb
- Betsy Atkins
The inclusion of new members has increased the board’s size from 10 to 11 individuals. It is required that the board consists of a minimum of 7 members and a maximum of 14. The addition of these new members has helped to achieve a more balanced gender representation. Before the scandal unfolded, the board primarily comprised of nine men and one woman. However, the current composition now consists of seven men and four women.
The MGCs decision will be issued next week
After the public hearing ended, the commissioners convened a private meeting with their legal counsel to deliberate on the evidence presented and come to a decision regarding Steve Wynn’s status.
The MGC has declared that it plans to release a written opinion at some point during the following week.
Company to bid adieu to Wynn Brand in Massachusetts
In addition to disassociating from the individual, Wynn Resorts is now initiating a separation from the Wynn brand, particularly in Massachusetts.
At the hearing, the CEO of Wynn Resorts, Matt Maddox, expressed the company’s readiness to rename the $2.4 billion casino project from Wynn Boston Harbor to Encore Boston Harbor.
The anticipated name change comes as no surprise. Following the exposure of the sexual misconduct scandal, numerous influential Massachusetts figures have urged the company to eliminate the Wynn name from the building’s exterior.
Conclusions to draw
The rumors of a sale are dampened by the company’s decision to change the name of the property, which is received positively. This decision reflects a commitment to making changes and suggests that a sale would have been highly challenging.
Despite the possibility of a sale, Wynn Resorts appears determined to proceed with its Boston casino plans based on recent developments. In the recent Wynn earnings call, Maddox stated that all possibilities were being considered. However, he explicitly refuted the notion that the Boston property was up for sale the following day.
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