Hotels Start to Prepare for LV Coronavirus Outbreak

The number of confirmed coronavirus cases has just exceeded 115,000. Several countries are now experiencing rapidly growing infection rates. In the United States alone, over 1,000 people have now tested positive for Covid-19. This week, hotels began taking new measures to better prepare for a LV coronavirus outbreak.

Image Of Coronavirus

It’s concerning news for those in Clark County (where a case has already been confirmed) and anyone interested in visiting Las Vegas. Today, we’re going to discuss some of the updates to this virus. We’ll also look at how Covid-19 may end up affecting the US gambling industry.

Let’s get into it!

Covid-19 Officially Named a Pandemic By the WHO

When the new coronavirus first began appearing in Wuhan, no one really knew how serious it would become. It wasn’t the first time a virus emerged in China. SARS, for example, was eventually killed off and many expected a similar scenario here.

Within a couple of weeks, it became clear that this was a virus unlike any other that we’ve seen. It has a unique ability to spread. Part of the reason for this is the ability for transmission between people before any symptoms have shown. It quickly began spreading to every single province in China and several nearby countries.

By early February, the virus was also present in many western countries. As the weeks progressed, more and more nations began announcing new cases of the virus. Experts began warning this could become a global pandemic.

About two weeks ago, Italy had three confirmed cases. Today, more than 12,000 individuals have tested positive and the entire country is under lockdown. This goes to show how devastating Covid-19 can be.

Today, the WHO has officially declared this virus a global pandemic. Some experts claim that in time, between 50-70% of the world’s population will become infected with the virus.

Officials in Las Vegas have feared growing infection rates in the city. This week, several major hotels began taking steps to prepare for a major LV coronavirus outbreak.

Is a LV Coronavirus Outbreak Inevitable?

Las Vegas is one of the most-visited cities in America. Millions of people fly in and out every single month and for that reason, some have expressed fears that it’s prime for coronavirus transmission. As of now, however, there have not been any major outbreaks seen in the city.

Some feel that it’s only a matter of time before many new cases are confirmed here. If that happens, it would be devastating to the city’s gambling industry.

If a real LV coronavirus outbreak takes place, all of the city’s major casino-resorts may be forced to temporarily shut down. That would cost the city’s casino companies millions of dollars every single day. We saw something similar take place in Macau.

The fact that thousands of people are crammed into such a small area on the Las Vegas Strip makes this city very likely for an outbreak. After new reports that the virus can be spread simply through breathing makes this even more likely. Health officials across the city have already begun preparing for a rise in infections.

It does seem that an outbreak is inevitable in Las Vegas. In reality, every city across the country is likely to see new infections in the coming months. How the country’s health services respond to the rise in cases is yet to be seen.

Las Vegas Hotels Began Covid-19 Preparations

This week, both Wynn Resorts and Caesars Entertainment announced new measures to deal with Covid-19. Caesars has taken several measures, including monitoring their employees’ health and better disinfectant measures for public areas. CEO Tony Rodio spoke to the media about these preparations to the media this week.

“We are committed to implementing recommendations from the health authorities to give you peace of mind as you visit our properties now and in the future,” he said. “The health and safety of our guests and employees will always be our most important consideration, especially in these challenging circumstances.”

Wynn Resorts has placed hand sanitizers throughout their Las Vegas hotels and now encourages any guests to self-quarantine in their room and call for support from the hotel desk, who will assess the situation. Any employees with symptoms of the coronavirus will immediately be placed on medical leave.

Matt Maddox released a statement, telling guests he wants Wynn Resorts’ hotels to be as safe as possible for guests.

“We are committed to doing everything we can to make Wynn and Encore a respite when you visit one of our resorts,” he said. “We’ve decided to raise our usual standards of cleanliness and health safety even higher … you can count on us to be a travel leader in meeting the challenge of the coronavirus. We assure you we will be attentive and vigilant so you can enjoy your vacation.”

It’s a very troubling time in the country. With the WHO’s decision to label the virus a pandemic, hope is that more countries begin taking more preventative steps to lower infection rates.

Stay tuned for more news on the situation over the next few months!

Slots at Encore Boston Harbor Briefly Shut Down

Massachusetts is now home to a large and successful casino industry. One of the best is Encore Boston Harbor, owned and operated by Wynn Resorts. This week, the slots at Encore Boston Harbor were briefly shut down due to a computer issue.Encore Boston Harbor Hotel-Casino

It’s always scary when a casino suffers some type of issue with its computer system. Today, we’re going to look at what caused the slots to shut down. We’ll also look at how the Encore is performing against some of the other casinos in Massachusetts.

Let’s get into it!

History of Massachusetts’ Casino Industry

Just a decade ago, almost no legal gambling options were available in Massachusetts. Lawmakers in this state worked hard to actively ban most forms of wagering. In 2012, residents here decided to officially legalize land-based casinos.

Over the next few years, lawmakers here began coming up with specific regulations for this new industry. The state’s gambling commission was tasked with issuing gaming licenses. In 2018, MGM Resorts International opened the first casino here.

This venue, called MGM Springfield, was expected to be hugely successful. Unfortunately, this has not necessarily been the case. In 2019, Wynn Resorts opened Encore Boston Harbor in the city of Everett, near Boston.

Massachusetts’ casino market is still growing. As of now, only three gaming venues are operating in the state. It’s likely that more will begin opening here over the next couple of years.

Encore Boston Harbor is without a doubt the most popular casino in the state right now. Unfortunately, it suffered a computer issue this week that affected players.

Slots at Encore Boston Harbor Fail Due to Computer Issue

There are nearly 3,000 different slot machines inside Encore Boston Harbor. These games help to bring the casino millions of dollars in revenue every single month. An issue popped up this week, causing these machines to temporarily shut down.

According to Boston 25 News, a system outage this week caused the slots at Encore Boston Harbor to fail. This left hundreds of gamblers without money after depositing cash into the slot machines. Obviously, it caused an uproar inside the venue.

Officials within Encore Boston Harbor commented on the news to the media late Friday night.

“We experienced a brief system outage with our slot ticketing system in which we reverted to hand-paid jackpots. The issue has been resolved and we are paying all winners,” the statement said. 

Customers claim that the casinos began operating again at around 9:30 pm.

This is the last thing this casino needed right now. Recently, revenue at this gaming venue began to drop. Is this a sign that MGM Springfield is beginning to take over?

MA Casino Revenue Begins to Fluctuate

Not long after Encore Boston Harbor opened to the public, it became the most popular venue in the state. It captured a huge share of the state’s gambling market and earned significantly more revenue than any other casino.

In January, things took a slight turn. That month, it was the only casino in the state to experience a revenue drop. The Encore earned $6 million less than what it brought in the month before.

Interestingly, MGM Springfield’s revenue surged. Reports indicate that the Springfield casino earned $21 million in January, up $2 million from December. For many, it was surprising to see revenue here begin to increase.

MGM Springfield has been a major disappointment for MGM Resorts over the past couple of years. The casino has generated significantly less money than initially expected. MGM continues to invest money here, though, and it now appears that the company’s hard work is paying off.

The slots at Encore Boston Harbor are back up and running. Officials at Wynn Resorts will want to ensure this does not happen again.

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

Wynn’s New Convention Center is Finally Open

In 2018, Wynn Resorts has discussed plans to open a brand new convention center and meeting space. This week, Wynn’s new convention center officially opened to the public. Today, we’re going to talk about what this new center has to offer.Wynn Las Vegas Casino Logo

Wynn Resorts is working on several new projects right now. 2019 wasn’t great for the company and as of now, things don’t seem to be improving. This is the perfect time to check out where the company is headed this year.

Let’s get into it!

2019 Wasn’t Great for Wynn Resorts

For decades, Wynn Resorts has been considered one of the best casino companies in the world. It was founded back in 2002 by Steve Wynn, who served as CEO until very recently. Things starting going downhill in early 2018, when allegations of sexual abuse against Steve Wynn began to surface.

Several women came forward with stories of misconduct by the powerful CEO. At first, he vehemently denied the allegations. Eventually, he stepped down and sold all of his shares from the company. He then tried to stay out of the public spotlight.

These allegations hurt Wynn Resorts’ reputation. The company eventually filed a lawsuit against Mr. Wynn and ultimately received $20 million from the former CEO. Wynn Resorts eventually decided to name Matt Maddox as the company’s new leader.

Maddox had served as president of the company since 2013. He was promoted to CEO in a position that was expected to last until February of 2021. In December, the company decided to extend his role until 2022. He seems to be doing a good job.

Wynn Resorts has also struggled with some of its overseas properties. Macau, in particular, has been a tough market for the Las Vegas-based casino company. This doesn’t mean things are slowing down, though.

As we mentioned earlier, this company just finally opened its new convention space. Here’s what it has to offer.

Wynn’s New Convention Center Has Bookings Through 2028

Las Vegas is one of the country’s top convention destinations. There are a huge number of major conventions here that draw in thousands of visitors every single month. Since 2019, construction has been underway on Wynn’s new convention center.

This massive property has now officially opened to the public. It’s one of the most impressive convention centers in the city, with two stories and 430,000 square feet of space. It’s actually an extension of the current Wynn Meeting and Convention Space and features an 83,000 square-foot ballroom.

According to company officials, this is already a major success. This new convention center already has bookings lined up until 2028. The new setting of this venue, located directly next to the Wynn Golf Club, is also exciting for many convention-goers.

Chris Flatt, executive vice president of hotel sales and marketing, commented on the opening of this venue to the media this week.

“We were scheduled to open in March and we have a very high percentage of repeat business here and had several customers of ours that literally wanted to be the first groups in the hotels,” he said. “We actually opened about three weeks earlier than anticipated.”

Wynn’s new convention center is open to the public and is already hugely successful. Several other major Las Vegas companies are scheduled to open new convention space, as well. Unfortunately, Wynn’s operations in Macau don’t seem to be improving.

Macau’s Casino Closures Costing Wynn Resorts Millions Every Day

Wynn Resorts operates a huge number of major casino-resorts all across the country. It also runs several major resorts in Macau. This city struggled to attract gamblers in 2019 and things don’t seem to be improving thus far into 2020.

Last year, Macau was hurting due to the US-China trade war and protests in Hong Kong. Now, the Wuhan coronavirus is taking a toll on the city. As a way to prevent infection, leaders in Macau decided to close down all of the territory’s casinos.

This is taking a serious toll on gambling operators here. Wynn Resorts claims that it’s losing between $2.4-$2.6 million every day due to these closures. CEO Matt Maddox isn’t concerned, claiming the company can withstand the losses.

It’s unclear how long this will last for. Death tolls due to the coronavirus are increasing, yet infection rates seem to be dropping. Hope is that officials in Macau manage to stop the spread of this deadly virus before it hits even more countries.

Things aren’t all bad. Wynn’s new convention center is up and running and will likely earn the company serious revenue. It wouldn’t be a surprise to see Macau reclaim its spot as the world’s most profitable gambling hub before long, too.

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

Wynn Resorts Losing up to $2.6 Million a Day Due to Coronavirus Shutdown

Wynn Palace Macau at NightThe coronavirus, which has currently infected more than 31,000 people and caused 636 deaths in China, has caused Chinese Officials to shut down all casino operations in Macau, including Wynn Resorts.

Wynn resorts is a major operator of high-end hotels and casinos between Las Vegas and China, with three of their properties on the Cotai Strip in Macau: Wynn Macau, Encore at Wynn Macau, and Wynn Palace. Their two Las Vegas properties are Wynn Las Vegas and Encore Las Vegas.

The three Wynn properties were among 40 other casino properties that were forced to close their doors in the coronavirus shut down. Closing up shop on their luxury properties, during a high time of year for business, is a contributing factor to the $2.4-$2.6 million in loses being accumulated per day.

According to Wynn Resorts CEO Matt Maddox, the big brunt of the revenue loss is connected to payroll, as the casinos employ around 12,200 workers in Macau. While the amount of revenue being lost daily is extremely high, it’s not causing frantic concern on the company’s end, with Maddox stressing the health and safety of their employees above all else.

“I’d like to commend the government of Macau and China for the decisive action they continue to take to contain the coronavirus,” Maddox said in a discussion regarding the company’s earnings call. “We’re in daily conversations with the government, and they’ve been terrific partners.”

Maddox also maintains that Wynn executives are confident that the company can bear the brunt of its current loses, and has a windfall of backburner funds available to weather its current financial storm. While Maddox is unsure when operations will resume to their normal activity, he believes things will go back to normal despite the current scare.

“We have a ton of liquidity,” said chief financial officer Craig Billings. “We have a couple billion dollars of availability between cash and revolver in Macau. That’s more than sufficient to last for, really, any period of closure.”

About Wynn Resorts Macau

The Wynn Resorts properties in Macau are among the most important in their market, as they make up a bulk of the company’s revenue. Wynn Macau first opened on the Cotai Strip on September 6, 2006. Its second toward, Encore at Wynne Macau, opened on April 21, 2010. The last Wynn property, Wynn Palace, opened August 22, 2016.

Currently, the Wynn properties in Macau rely heavily on their high-rollers and VIP gaming to drive revenue and profits. Reports found that Wynn Resorts earns nearly 40% of its casino revenues from VIP gaming. However, the company is planning out ways to remove the dependency on VIPs to gain high profitability.

Other Major Companies/Product Categories That Could Take A Big Hit

China is the world’s biggest player when it comes to mass product production. According to financial analysts, the coronavirus outbreak could negatively impact the global economy, with more risk posed to hurt certain industries more than others.

The 5 companies and product categories that could experience economic fallout the most from the virus outbreak are Apple, the entire beauty category, liquor companies, luxury clothing retailers (particularly Burberry, who has 64 stores in mainland China that have been temporarily shut down), and the Walt Disney Company. Disney has two major theme parks in Shanghai and Hong Kong. A two-month closure of the parks could result in a $175 million loss in revenue.

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!