CEO Matt Maddox Will Stay With Wynn Resorts Through 2022

Back in 2018, Steve Wynn officially stepped down as CEO of Wynn Resorts. Since that time, the company has been dealing with accusations of Wynn’s sexual misconduct. CEO Matt Maddox has been doing a great job running the company and will continue his leadership role for the next couple of years.

Matt Maddox

Company officials are happy with the direction that Maddox is taking Wynn Resorts. He’s been able to facilitate some major deals as CEO. Today, we’re going to look at what Maddox has done for the company. We’ll also talk about some of Wynn’s plans for the future.

Let’s get into it!

Steve Wynn is Still Having an Impact on Wynn Resorts

For the past few decades, Steve Wynn was thought to be one of the most powerful men in the gambling industry. He served as CEO of Mirage Resorts from 1973 to 2000. In 2002, he officially founded Wynn Resorts and took over as CEO of that company, which he ran from 2002 to 2018.

Between that time, Wynn opened up several major casino-resorts all over the world. He expanded around Las Vegas. In 2010 and 2011, Wynn Resorts opened two major properties in Macau, as well. They are said to be some of the best casino-resorts in the territory.

Unfortunately, Steve Wynn is now involved in several sexual misconduct cases. Over the past few months, several women have come out with claims that Mr. Wynn abused his power. It was a PR disaster for Wynn Resorts, which immediately asked Wynn to step down from his position.

In February of 2018, Wynn officially left Wynn Resorts. A few months later, he sold his stock in the company. Since this time, he’s stayed out of the public spotlight.

His actions have taken a toll on Wynn Resorts. The company has been involved in various lawsuits over the past few months. Not long ago, the company won a lawsuit with Steve Wynn and he’s now ordered to pay the company $20 million.

CEO Matt Maddox now runs Wynn Resorts. This week, his leadership role was extended.

Wynn Resorts Extends Timeline for CEO Matt Maddox

Prior to Steve Wynn’s departure, there was a debate over who would take over as CEO. Eventually, the company chose Matt Maddox to take over. He’d served as president of the company since 2013 and was the most logical choice.

Most agree that CEO Matt Maddox is one of the best additions to the company in years. Since stepping into the new position, he oversaw the opening of the Encore Boston Harbor, helped to end a six-year lawsuit with Universal Entertainment, and made significant changes to the company’s board.

Initially, Maddox was expected to remain CEO until February of 2021. This week, the company decided to extend this timeline until December of 2022.

Harry Curtis, a gaming analyst with Instinet, spoke with the Las Vegas Review-Journal about why CEO Matt Maddox will retain his position for a little longer.

“If you look at what he had done to steady the ship, they have been the right decisions,” he said. “He has been a very good protector of the value embedded in the company.”

Maddox has to be happy with the news. Hopefully, he can continue to help improve the company over the next few years.

Wynn Resorts’ Stock Prices Surge This Week

Macau hasn’t been a profitable market for most US casino operators this year. Several factors have led to major revenue losses in this territory. A rise in competition around Asia and the China-US trade war has taken a toll on the number of gamblers here.

Today, many US casino operators run casino-resorts in Macau. For almost all of 2019, these companies have lost money in this territory.

This week, the People’s Bank of China, which is based in Mainland China, raised the remittance limit on individuals’ transfer of money from Macau to the Mainland. Essentially, this means that visitors from the Mainland are able to gamble more in the city.

This immediately had an impact on several companies’ stock prices. Wynn Resorts’ stock rose by 1% after the news broke. Las Vegas Sands saw an increase of 2%.

It’s fantastic news for the casino companies with operations in Macau. Perhaps CEO Matt Maddox will begin investing even more money into this territory.

Stay tuned for more US casino news over the next few months!

Steve Wynn is Paying Millions in Settlement to Wynn Resorts

Wynn Resorts has been in a fierce legal battle with its former CEO over allegations of sexual misconduct. This week, it’s being reported that Steve Wynn is paying millions in a settlement with the company. It’s a tough blow for the casino mogul, who continues to deny all of the charges against him.

Steve Wynn Picture

It’s not a great spot that Wynn Resorts finds itself in, either. Now is the perfect time to look at what exactly is going on with this situation.

Allegations Against Steve Wynn and Wynn Resorts

Steve Wynn was once considered one of the most powerful men in the gambling industry. He founded Wynn Resorts International, a massive casino company with properties located all over the world. Over the past two years, however, he’s been involved in various scandals that have severely damaged his reputation.

In January of 2018, several women came forward with allegations of sexual misconduct by Mr. Wynn. Several of these women were employees of Wynn Resorts. They claim that while CEO, Steve Wynn demanded nude massages and sex acts.

Immediately after these allegations came to light, Wynn and his team of lawyers began denying the accusations. Things didn’t improve, and by February he officially stepped down as CEO of the company.

Since this time, even more allegations have come up. Wynn responded by selling all of his shares in the company and remaining out of the public spotlight. Wynn Resorts, however, began demanding payment from Wynn for the damage he caused to the company.

Wynn and his former company have been fighting in court ever since. This week, news has come out that the old CEO has agreed to a settlement.

Steve Wynn is Paying Millions to Wynn Resorts

Shareholders of Wynn Resorts were obviously concerned with these allegations. Even with Mr. Wynn’s departure, the company found itself in the middle of a major controversy. A lawsuit against Steve Wynn was eventually made.

“By engaging in this conduct, whether consensual or not, Mr. Wynn disregarded Wynn Company’s policies and procedures,” the complaint said.

That’s certainly hard to argue. Wynn clearly broke several rules as CEO of the company and even attempted to cover his tracks with settlements.

This week, Wynn Resorts won its first court battle. Steve Wynn is paying millions in a settlement with the company. $20 million is being paid personally by the former CEO. Insurance carriers will be paying out an additional $21 million to the company.

Wynn Resorts has also agreed to change its corporate governance. The roles of chairman and CEO are going to be separated.

Company officials certainly have reason to celebrate the legal victory.

Wynn Resorts Continues to Look for Overseas Expansion

Even with the company’s recent controversy, Wynn Resorts remains one of the biggest and most profitable casino operators in the world. It owns several major venues in Las Vegas, some of which are said to be the best in the city. Recently, the company has focused hard on breaking into the newly-emerging Japanese casino industry.

Japan legalized casino gambling last year. The government officially approved three casino-resorts to open in the country. Unfortunately, it will be years before any of these gambling venues officially begin operating.

Despite the long wait, many of the world’s biggest casino companies are working on ways to obtain a license here. MGM Resorts, Las Vegas Sands, and Wynn Resorts are just a few that have expressed a desire to operate in Japan. It’s still unclear which of these companies will obtain one of the available casino licenses.

Steve Wynn is paying millions to Wynn Resorts. This company will certainly help with more expansion plans overseas. Ultimately, though, Wynn Resorts continues to generate the majority of its revenue from the many hotel-casinos it owns around the world.

There’s a lot happening in the US casino industry right now. Stay tuned for more updates on Wynn Resorts’ situation over the next few months!

Federal Judge Dismisses Lawsuit Against Wynn Resorts

It hasn’t been an easy past few months for Wynn Resorts. Sexual misconduct allegations against the company’s former CEO and a lawsuit for cheating to receive a gambling license has dampened what should have been an extremely successful year for the company. Fortunately, a federal judge has dismissed the recent lawsuit against Wynn Resorts.Wynn Resorts Logo

This has to be a relief for officials within the major US casino company. Hopefully, it allows Wynn Resorts to focus more on international expansion.

Let’s look at why this company was involved in a lawsuit in the first place.

Sterling Suffolk Claims Wynn Resorts Cheated to Obtain Gambling License

Wynn Resorts is one of the most profitable gambling companies in the United States. Earlier this year, the company officially opened the Encore Boston Harbor Casino-Resort, located in Everett, Massachusetts. It proved to be immediately successful.

Unfortunately, Sterling Suffolk began alleging that the company obtained its gambling license illegally. This company, which is a partner of Mohegan Sun, filed a lawsuit against Wynn Resorts, claiming it used “unlawful methods” including kickbacks, political cronyism, and hiding allegations made against Steve Wynn.

Sterling claimed that the company corrupted the Massachusetts Gambling Commission. The company filed a lawsuit for over $1 billion in profits that Sterling would have made had they won the casino license. It was even alleged that the mayor of Everett received a concealed percentage in the casino’s ownership.

Interestingly, this casino was also alleged to be cheating players. Just a few weeks after opening, an individual filed a lawsuit that claims the Encore Boston Harbor withheld full slot payments to players. Eventually, this lawsuit was dropped.

Most felt that the charges had no real merit. A federal judge now seems to agree. This lawsuit is officially being dismissed.

Judge Officially Drops Lawsuit Against Wynn Resorts

It wasn’t easy for Wynn Resorts to construct the Encore Boston Harbor. The company found itself in the middle of an FBI investigation, which found that the land which the casino would be constructed on was partially owned by an individual with ties to organized crime. Eventually, this was all resolved.

This week, US District Judge Patti Saris officially dismissed the claims against the company. She states that parts of the claim can still be continued in state court. She clearly does not support a move to allow Sterling to amend their complaint in her court again.

“The Amended Complaint was filed after Defendants moved to dismiss the initial complaint, meaning SSR already has been given one chance to cure pleading deficiencies identified by Defendants. Further, the essential facts underlying SSR’s RICO claims have been known to the public for years as a result of contemporaneous reporting and the voluminous MGC investigation reports. Therefore, the Court finds that SSR has already had a fair opportunity to plead a viable set of claims but has failed to do so,” the judge’s statement reads. 

This doesn’t mean Wynn Resorts is completely out of the water. The company is still facing two additional lawsuits. These cases are still pending in MA state court. We’ll need to wait and see how everything plays out.

Steve Wynn Continues to Deny Sexual Misconduct Allegations

Steve Wynn was once considered to be one of the most powerful men in the gambling industry. In 2018, his time at the top of his industry ended. The Wall Street Journal published a story that alleges he was involved in several cases of sexual misconduct throughout his career.

Over the past several months, more allegations against Mr. Wynn have come out. In February of 2019, he officially stepped down as CEO of Wynn Resorts. Since this time, he’s avoided the public spotlight.

Steve Wynn continues to deny all of the allegations against him. He is also fighting against the NV Gaming Control Board’s attempts to push him out of the gambling industry. The former casino mogul claims that any additional punishments are unnecessary, as he already left his company.

This situation, along with the lawsuit against Wynn Resorts, has made 2019 less than ideal for the Las Vegas-based casino company. If all goes to plan, officials within the company can begin pushing to obtain a casino license in Japan.

Stay tuned for more US casino news over the next few months!

NV Gaming Board Wants to Ban Steve Wynn From Casino Industry

One of the most powerful individuals in the casino industry is in hot water. For months, Steve Wynn has been at the center of several sexual misconduct lawsuits. Now, the Nevada Gaming Board is filing a complaint to permanently ban Mr. Wynn from the casino industry.

Steve Wynn

Things are not looking good for Wynn and his former company right now. Today, we’re going to take a quick look at the allegations against the casino mogul. We’ll also look at some of Wynn Resorts’ upcoming expansion plans. Let’s get started!

The Growth of Wynn Resorts Over the Years

Steve Wynn has been a major player in Las Vegas for years. His first real break came in 2000 when he sold Mirage Resorts to MGM Grand. That same year, Wynn purchased the Desert Inn for $270 million.

Soon, he partnered with Japanese billionaire Kazuo Okada and took control of nearly half of the Universal Entertainment Corporation’s stock. In 2002, the company hired Ronald Kramer as President and Director to help take the company public.

Wynn Resorts had its IPO in October of 2002 and by 2005, the company purchased its first major project, Wynn Resorts. It also quickly expanded into Macau with the opening of Wynn Macau. Over the past decade, Wynn Resorts has grown to become one of the biggest and most lucrative casino companies in the world.

Not long ago, Wynn Las Vegas was named the best casino in the country. This company now owns a huge number of casino-resorts all around the world.

Unfortunately, Steve Wynn is being accused of sexual misconduct. The allegations are serious enough for Nevada’s Gaming Board to take action.

Allegations Against Steve Wynn, Explained

Back in 2018, the Wall Street Journal published an investigative report that details Steve Wynn’s decades of sexual misconduct. According to the report, Wynn used his status atop the casino industry to pressure his employees into different, inappropriate situations.

Some of the women detailed in the report even claimed to hide in bathrooms and schedule fake appointments in order to avoid the CEO. Mr. Wynn quickly denied the allegations by stating, “The idea that I ever assaulted any woman is preposterous.” 

Wynn Resorts board members quickly got together to investigate the allegations. The board claimed it was “deeply committed to ensuring the safety and well-being of all of the company’s employees and to operating with the highest ethical standards.” 

In February, Wynn stepped down as CEO of Wynn Resorts. He also sold his stock in the company and seemed to disappear from the public spotlight.

Since early 2018, more allegations have come to light. In early October, Steve Wynn was named in two sexual harassment cases in less than one week. Reports are also surfacing that officials within Wynn Resorts, as well as Mr. Wynn himself, pressured several women to avoid talking with the media about their claims.

The former CEO is continuing to deny all of the allegations being thrown his way. It doesn’t seem to be convincing Nevada officials, though.

Nevada Officials Want to Ban Wynn From Gambling Industry

This week, the NV Gaming Board has officially filed a five-count complaint against Steve Wynn. The gambling board claims that the allegations of sexual misconduct violate state licensing suitability regulations. This complaint, if approved, would prohibit Steve Wynn from ever being licensed to operate a casino in the state again.

Mr. Wynn has not yet responded to the complaint. According to numerous reports, he is currently living in Florida.

There are several lawsuits that involve the former casino mogul. Wynn Resorts is also continuing to be hit with these legal charges.

This week, officials in the company announced that they are no longer interested in opening a casino-resort in Osaka. The company now seems determined to open one of these new gambling venues in the city of Yokohama.

There’s a lot going on with this company. It’s unclear exactly how these lawsuits will affect Wynn Resorts’ day to day operations. Stay tuned for more updates over the next few months!