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Believes that once pandemic eases gaming industry will rebound strong

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By JOSH RESNEK

Wynn Resorts Chief Operating Officer Matt Maddox believes that when the worst has passed with the virus, and when the vaccine has been distributed and millions inoculated, that the casino and hotel business will return, and powerfully.

  1. A Wall Street Journal report detailing decades of sexual misconduct allegations against the casino mogul and then-CEO Wynn led to his stepping down from his namesake company and sparked.
  2. Wynn’s first option for a casino site was in Foxborough, MA, near the site of Gillette Stadium (home of New England Patriots). However, government selectmen in Foxborough rejected the plan and Wynn.

Maddox is an industry legend and leader, who learned nearly all his business skills from his former boss and mentor of 20 years, the founder of the company bearing his name, Steve Wynn.

In a wide variety of interviews given, Maddox recently said that pent up demand will cause Wynn Resorts numbers to soar when all is said and done with the virus.

Posted on March 21, 2019 Author leaderstaff Categories All, February 2018 Tags Encore Casino, Everett MA, Gaming Commission, Steve Wynn, Walter Pavlo Leave a comment on As Mass Gaming Considers Wynn Suitability, An Unresolved Sexual Harassment Case Continues Posts navigation. Steve Wynn is considering bidding to build a casino on the site of a former chemical plant in Everett, Mass., as the Las Vegas casino developer pursues a site for the second time in the Bay State. The casino, located just beyond Boston’s borders in the city of Everett, opened to the public on June 23 after a bit of a bumpy ride. In February 2018, Steve Wynn resigned from Wynn Resorts, the.

He understands this like everyone else dealing with the results of the virus; a mountain of restrictions and a travel and convention industry that has gone bust.

“Life won’t always be this way,” he repeats over and over.
In many comments made to industry leaders and Wall Street reporters and to casino analysts, Maddox remains firm in the belief that when the worst has passed, “Watch out!”

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Maddox knows of what he speaks.

Wynn Resorts stock price is an indication that many investors believe in gaming and in folks like Maddox.

Despite Macau’s gaming figures being down 70% from last year, despite Encore Hotel being closed, and the casino operating with crippling restrictions; despite the Wynn and Encore properties in Las Vegas closed during the week because so few visitors are traveling to Sin

City, Wynn stock continues to soar. Earlier this week Wynn’s stock price hovered in the $112 area, a solid step up from its recent low of $75.

In fact, the stock has been swinging between $75 and $125 consistently for the past six months.

Steve

The 52-week high for the stock is $153.

The 52-week low, $35.

What a buy it was at $35!

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The company’s market cap stood at $12.02 billion Tuesday morning.

By comparison, Las Vegas Sands, owned by the billionaire Sheldon Adelson, showed a market cap of $44.4 billion on Tuesday morning.
The stock has swung between $35 a share to $73 a share in the past 52 weeks.

Stock price Tuesday – $58.

Steve Wynn Casino Everett Massachusetts

Adelson’s company is almost four times the size of Wynn Resorts, and yet Wynn Resorts stock volatility dwarfs Las Vegas Sands.

Analysts and institutional investors continue to trade Wynn Re- sorts stock. Most tend to hold onto it and grow their positions, despite the horrific down market.
In a Wall Street world run in large part on speculation and confidence, Wynn Resorts stands out as one of the most dynamic movers in the casino and hotel industry.

Encore’s difficulties right now are a disaster – but that disaster is not going to last forever no matter how much the world changes as a result of the pandemic.

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At some point, the hotel will re-open and crowded, and the casino will be busy.

That time isn’t now – but it is coming.

Everett, MA - The Massachusetts Gaming Commission is one step closer to finalizing a gaming license for Encore Boston Harbor, the casino scheduled to open in Everett in June 2019. The commission voted on February 20th to settle the lawsuit brought by the former head of Wynn Resorts, Steve Wynn. Details of the settlement have not been made public and Wynn has yet to accept the terms.

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Originally named Wynn Boston Harbor, the casino was re-branded as Encore Boston Harbor following the allegations of sexual harassment against CEO Steve Wynn. Wynn stepped down from his company Wynn Resorts in 2018 after dozens of women came forward with allegations of his sexual misconduct. Wynn has denied the accusations.

In light of the accusations against Steve Wynn, the Massachusetts Gaming Commission began an investigation to reevaluate the casino operator’s suitability to run a casino in the state. The focus of the investigation was whether Wynn Resorts' executive leadership was aware of these allegations against the former CEO at the time that the casino operator submitted its bid to build the Everett casino. Wynn sued the commission for the investigation's use of what he claimed were attorney-client privileged documents, which were given to the commission by Wynn Resorts without his permission.

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Given the anticipated tax revenues and thousands of job openings expected at the Everett casino, no one wants to jeopardize the June 2019 opening of Encore Boston Harbor. As highlighted by the Boston Herald, court filings on behalf of the commission stated that a prolonged lawsuit and delayed investigation into the allegations against Wynn “...will almost certainly result in a delay in opening the gaming establishment, in turn delaying 4,500 full-time job opportunities, and depriving (Massachusetts) of millions of dollars in tax revenue every month.” Wynn Resorts has already agreed to pay a fine of an undetermined amount for the role that the casino operator played in covering up alleged sexual misconduct by Steve Wynn.

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Elaine Driscoll of the Massachusetts Gaming Commission said in a statement that the findings of the investigative report will be available for public review as soon as possible.