Lawyers for Mr. Wynn first asked the commission in March to consider removing his name from the company’s US$2.5 billion Everett casino project, noting that he had quit the company in February and sold all his stock in the company.
“Based on the evidence presented, Wynn Resorts has worked quickly to separate itself from Mr. Wynn, including emblematically changing the name of the Everett property to Encore Boston Harbor,” wrote the commission in its decision. The panel cited “substantial evidence” that the relationship between Steve Wynn and his former company “has been terminated in a meaningful way.”
However, the decision is contingent on Wynn not voting at the company’s shareholder meeting on May 16.
“The five-member commission concludes that Mr. Wynn will no longer be considered a qualifier to Wynn Resorts upon the written verification that he did not exercise voting rights at the 2018 Wynn Resorts shareholders’ meeting,” the regulator said in a statement.
“We are pleased that the Massachusetts Gaming Commission has concluded Steve Wynn no longer has any involvement in our company and should no longer be considered a qualifier,” said a Wynn Casino spokeswoman. “We look forward to continuing to move Encore Boston Harbor forward.”
The Everett casino is scheduled to open next year.
Source: GMB / AG Brief
