The boss for American casino operator, Wynn Resorts Limited, has reportedly reassured investors that his company is planning to open its under-construction Encore Boston Harbor property on schedule despite the fact that the firm has yet to receive a green light from the Massachusetts Gaming Commission.
June deadline:
According to a Sunday report from The Boston Globe newspaper, the Las Vegas-headquartered operator’s Chief Executive Officer, Matt Maddox (pictured), used the firm’s fourth-quarter earnings conference call to detail that the $2.6 billion Massachusetts r 7BALL esort casino remains on course to begin welcoming guests from June 23.
Licensing delay:
However, the newspaper reported that the quadragenarian’s January 27 declaration to investors came even though the coming Boston-area property has still to receive its license from the Massachusetts Gaming Commission. It explained that this lapse is due to the unresolved investigation the regulator initiated last year into multiple sexual misconduct allegations that had been levied against Maddox’ predecessor, Steve Wynn.
Maddox reportedly told investors…
“I believe that we have the best and most robust growth pipeline in our industry. As an example, five months from now, we’re going to be opening the very first large-scale integrated resort in a tier-one city, Encore Boston Harbor. We’re really excited about that opportunity. It provides a step change in earnings before interest, tax, depreciation and amortization for our company and that’s in five months.”
Nevada resolution:
The newspaper reported that Maddox’ new-found optimism is most likely due to his firm’s recent deal with the Nevada Gaming Control Board. This agreement purportedly saw Wynn Resorts Limited consent to pay an as-yet undisclosed fine in order to settle that regulator’s similar investigation into the alleged actions of the casino operator’s former boss.
Judgment sought:
Although the Massachusetts Gaming Commission largely completed its inquiry into the suitability of Wynn Resorts Limited to run the Encore Boston Harbor last month, the Boston Globe reported that the regulator has been delayed from releasing its final report. This is because it is waiting for a ruling from a Nevada judge concerning whether ‘salacious details’ divulged to investigators as part of that state’s inquiry can be made public in its own findings against the wishes of 77-year-old Wynn.
Hearing eagerness:
The Boston Globe reported that Wynn Resorts Limited is now hoping that this legal interruption will be resolved by the middle of next month in order to give the Massachusetts Gaming Commission sufficient time to hold a hearing on its findings and issue an ultimate verdict before the June 23 deadline.
Maddox reportedly told investors…
“Well, we are clearly internally working towards opening [on] June 23. There are no current employees under review and we’re really looking forward to working with the Massachusetts regulators and the [Massachusetts] Gaming Commission to get through the process there. 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 being set and for us to present our case.”
