Although Steve Wynn stepped down as CEO of his eponymous casino empire, Massachusetts regulators are still proceeding with an investigation that could derail a $2.4B project under construction in the neighboring Boston city of Everett.
Questions remain about Wynn’s continued stake in Wynn Resorts after he stepped down from the company in early February after several reports emerged of sexual misconduct. The Massachusetts Gaming Commission is also looking into the company’s board’s handling of the sexual abuse allegations, the Boston Herald reports.
“We are all interested in doing it as quickly as we can, but we are more interested in getting it right than getting it fast,” MGC Chairman Steven Crosby told the Herald.
Wynn Resorts has a lot to lose if the MGC decides to revoke the company’s license to operate a casino in the New England state, as Wynn Boston Harbor is expected to bring in $252M in pre-tax earnings in its first year. Massachusetts would also lose out on $150M in tax revenue in the same year if the casino did not open. Crosby stressed his organization’s reputation is on the line.
“We are committed to having the operation and the regulation of the casino industry in Massachusetts adhere to the highest standards of integrity, and to be perceived as being operated at the highest levels of integrity,” he said.
The MGC is meeting Thursday. An agenda for the meeting shows Loretta Lillios, the organization’s investigations and enforcement bureau deputy detective, will provide an update on the investigation.
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