With Massachusetts Fate Uncertain, Wynn CEO Keeps Good Standing With Nevada Regulators
Following a hearing with Massachusetts gaming regulators over Wynn Resorts’ suitability to hold onto a casino license for its $2.6B casino currently under construction, there were calls by critics for company CEO Matthew Maddox to step down. Nevada doesn’t appear to share the sentiment.
The Nevada Gaming Control Board investigated Wynn Resorts following the bombshell report its founder and ex-CEO, Steve Wynn, had committed sexual misconduct for decades and covered it up with multimillion-dollar settlements. Similar investigations have taken place in Macau, China and Massachusetts.
While Massachusetts has yet to decide if it will pull the plug on Wynn Resorts, Nevada fined the company $20M for turning a blind eye to the alleged misconduct of its former leader. The NGCB does not seem to harbor any ill will to the company’s current CEO, the Boston Herald reports.
“The Nevada Gaming Control Board confirmed with Wynn Resorts that Mr. Maddox was found suitable as an officer of Wynn Resorts, Limited in Nevada in January 2010, and remains in good standing with the Nevada Gaming Control Board,” NGCB Chairwoman Sandra Douglass Morgan said in a statement to the Herald.
The Massachusetts Gaming Commission grilled Wynn Resorts executives during a three-day hearing last week over how the company responded to accusations Steve Wynn was engaging in sexual misconduct. The company maintains it has shed its board members with any ties to Steve Wynn, with the exception of Maddox.
The MGC questioned Maddox’s leadership style during the hearing after he claimed not to know the full extent of the alleged sexual misconduct. Wynn Resorts issued a 49-page legal brief Tuesday defending Maddox’s suitability.
The regulatory agency continues to deliberate on the casino company’s license. Wynn Resorts’ Encore Boston Harbor is scheduled to open in June, pending the outcome of those deliberations.