Wynn Resorts looks to move away from the Wynn name with the new Everett Casino project.
For several months now, Wynn Resorts has faced a few issues thanks to the former head of the company Steve Wynn. Back in January, an explosive story rocked the gambling industry as Steve Wynn was accused of sexual misconduct by employees of the company. By February, Steve had resigned from his position and sold off his shares, however his name is still associated with the company. Amid the scandal, the company has been working on a project in Everett, Massachusetts. This project may be sold off or the name changed in order to be more successful.
To Sell or Keep
Just a few days ago, new CEO of the company, Matt Maddox, discussed during a company earnings call that the property might be sold if the project would be harmful to Wynn Resorts bottom line. Many think that the Wynn name being associated will be negative to the property and might cause the venue to see a lower number of visitors.
For now, Wynn Resorts has decided to hold on to the property, but they may decide later on to offload the casino/hotel to another company to move on to other projects. Today, the company asked the state Gaming Commission for permission to change the name of the Wynn Boston Harbor, hoping to remove the name of Wynn completely.
The $2.4 billion casino is currently under construction and would be named Encore Boston Harbor instead. The goal is to disassociate with the Wynn name, so that the property is not affected by the former CEO’s sexual misconduct allegations.
During the meeting with the Commission, Maddox stated that he does not want people to associate Wynn with a man. A hearing was used to determine if Wynn’s name could be removed based as a qualifier from the project. The CEO argued that Wynn should not be considered as a qualifier because he had resigned from his position and sold his stocks.
The Wynn Boston Harbor is still under construction and set to open in 2019. Located on the Mystic River in Everett, the venue is close to Boston and will offer five-star luxury accommodations. 600 guest rooms and suites will be located on-site with the casino floor consisting of 150,000 square feet of gaming space. Players will have access to just over 3,200 slot games and 160+ table games.
With the name change, it suggests that Wynn Resorts has plans to hold on to the casino. The venue should do quite well as there is no big competition and the luxury options will be ideal for tourists as well as locals. The group has already spent a ton of money during the construction phase and would most likely want to sell at a high price if they were to offload the property.
However, because the Wynn name will no longer be associated, one could assume that the company has plans to hold on to the venue and continue with construction as planned.
Wynn Resorts has made several changes over the past few months in an effort to move away from the Steve Wynn scandal. They hired the new CEO Maddox, as well as three female board members, set to replace a few men who are out or about to finish their terms. The name change just marks yet another move by the company to try and disassociate with Wynn and hopefully move forward in a positive manner.