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Despite "significant" and "repetitive" failures related to allegations of sexual misconduct against founder Steve Wynn and "significant shortcomings" from his current chief executive, the Massachusetts Gaming Commission will allow Wynn Resorts to retain the lucrative license of the Boston area casinos The commission's decision, published in writing Tuesday night, should be exposed Wednesday morning when the commissioners hold their first public meeting since the close of the session to determine the fate of Wynn Resorts . , appears to pave the way for the planned opening of the Encore Boston Harbor casino, worth $ 2.6 billion, in less than two months. A spokesman for Wynn Resorts issued the following statement to WCVB : "Wynn Resorts has received a copy of the Massachusetts Gaming Commission's decision We are reviewing this decision and considering the full range of our new xt steps.We will have no other comments unless to have considered and taken into account the decision of the committee. "Since April 5, the commission has been questioning whether Wynn Resorts has been the subject of an investigation highlighting a series of problems related to sexual behavior. of the society. The allegations against Steve Wynn and the changes made by the company over the past year since his departure remain valid for controlling the only casino in the Boston area. "The Commission has determined that the evidence does not reach the level necessary to disrupt the precedent, determination of suitability, and is troubled by systemic failures and a generalized culture of non-disclosure," they wrote. Five commissioners in a 54-page decision. "Although the company has made great strides in changing this system, this commission remains concerned about the shortcomings and shortcomings of the past. Hearing, the commendable efforts of the company do not erase past failures, any resolution of these allegations therefore necessarily requires an assessment of the sentence and deterrence. "The commission added:" Account Given our findings, it is now in Commonwealth's interest that the gambling licensee advance in the establishment and maintenance of a gambling establishment. erforming in Massachusetts. "In its decision, the commission wrote that the $ 35 million fine" corresponds to the scale of violations and is designed to be important enough for "In addition to the" $ 35 million fine, which adds to the $ 20 million fine imposed by gambling regulators in Nevada, Wynn Resorts' CEO, Matt Maddox, will be fined individually by $ 500,000 and a "coaching and training" around leadership development, appropriate. internal communications and increased awareness of human resources issues. Maddox, who was the successor chosen by Steve Wynn and who has been working with Wynn since the founding of the company in 2002, has appeared to be a focus of particular interest to the Board and investigators during its three-day decision hearing held earlier this month. During the hearing, he explained Steve Wynn, either in three different cases, or did not believe the allegations were true, or was not worried about what he had been told at About the transaction, did not believe that it was his duty to ensure that gambling regulators of Massachusetts are informed. In any case, Maddox stated that other employees of Wynn Resorts had a better knowledge of the regulations or allegations and that all the information revealed by the report of the Board of Inquiries and Punishment of the Gambling Commission him were known before he became general manager. not detailed in the decision, agreed that Maddox remains fit to operate a gaming company operating in Massachusetts. "He stated that Mr. Maddox had, at critical junctures, demonstrated questionable judgment and other significant deficiencies in many aspects of his responsibilities as CFO, President and CEO," wrote the author. commission. "The majority of the Commission, however, determined that these deficiencies were primarily a matter of competence and not of fitness." In a post-hearing brief filed to defend Maddox's leadership, Wynn Resorts argued that the Gambling Commission "applies a different standard." Maddox, who judges his leadership, is not a criterion provided by the law. "To retain its casino license, Wynn Resorts must also pay an independent monitor chosen by the Gaming Commission to conduct a comprehensive review of" all policies and organizational changes adopted by the company. " The observer must report on his basic findings within six months of selection and will report to the Gaming Commission annually. "Ensuring public trust in the integrity of the gaming industry and strict oversight of its institutions through rigorous regulation is our main goal," said Cathy Judd-Stein, Chair of the Commission. "The Massachusetts law gives the Commission considerable leeway in our decision-making, and we have an equally important duty of fairness, and we are convinced that we have struck the right balance and fulfilled our responsibility. legal and ethical burden. " Wynn Resorts is not allowed to do this. "any reconsideration of the decision of the commission as to its suitability" but the decision "may be considered by the competent court", allow the state regulations on gambling. The officials of Wynn Resorts n n n were not immediately available for comment on Tuesday night. Since the commission opened its investigation in February In 2018, Wynn Resorts built its Encore Boston Harbor project on the Mystic River in Everett at the same time. The resort's casino is over 90% complete and the company is planning to open it June 23 .Parlant at the Boston Business Journal's editorial staff Tuesday, House Speaker Robert DeLeo said it was "very important" that Everett's casino opens its doors as scheduled . "It stays open and I want to put people to work, and I think there are a lot of people waiting to be able to work there," he said. The budget passed by the House last week is based on $ 98 million in revenue from Encore Boston Harbor for the fiscal year beginning July 1. The Gaming Commission will hold its first public meeting since Wynn's decision hearings Wednesday at 10:00 in its offices. at 101 Federal Street in Boston. The five commissioners and other officials of the commission should be available to the press at that time.
Despite "significant" and "repetitive" failures related to allegations of sexual misconduct against founder Steve Wynn and "significant shortcomings" from his current chief executive, the Massachusetts Gaming Commission will allow Wynn Resorts to retain the lucrative license of the Boston area casinos as the company pays a $ 35 million fine and adheres to a series of conditions.
The commission's decision, released in writing on Tuesday night and set to be on Wednesday morning when the commissioners hold their first public meeting since the closing of the market to determine the fate of Wynn Resorts, seems to clear the way for the opening of the casino. from Boston, Encore Boston, with a budget of $ 2.6 billion. as expected in less than two months.
Since April 5, the Panel has been questioning whether Wynn Resorts is based on an investigation that uncovered a series of issues related to the way the company handled allegations of sexual misconduct against Steve Wynn. and the changes she has made during the year left, remains fit to control the only casino in the Boston area.
"The Commission determined that the evidence did not meet the level required to disrupt past fitness determinations, and is troubled by systemic failures and a pervasive culture of non-disclosure," wrote the five commissioners in a 54-page decision. "While society has made great strides in changing this system, the Commission remains concerned about the shortcomings and shortcomings of the past." Finally, as stated at the hearing, the commendable efforts of society do not erase past failings, so any resolution of these allegations requires a sentence assessment and deterrence. "
The commission added, "Given our findings, it is now in the Commonwealth's interest that the gambling license holder go ahead to establish and maintain a successful gambling establishment in Massachusetts. "
In its decision, the commission wrote that the $ 35 million fine "is commensurate with the scale of the violations and designed to be significant enough to have a significant impact."
In addition to the $ 35 million fine, which adds to the $ 20 million fine imposed by Nevada's game regulators, Wynn Resorts' CEO, Matt Maddox, is will be fined an individual $ 500,000 and will receive "training and coaching" focused on leadership development, appropriate internal communications and increased awareness. human resource issues.
Maddox, Steve Wynn's successor as Managing Director and who had been working with Wynn since the company's founding in 2002, seemed to be receiving special attention from the commission and its investigators during its Three-day decision hearing held at the beginning of the month.
During the hearing, he explained that when he had knowledge of at least three different regulations and alleged incidents involving Steve Wynn, he did not believe the allegations were true , was not concerned about what he had been told about the settlement or did not think it. It was his duty to ensure that gambling regulators in Massachusetts were informed.
In any event, Maddox stated that the other Wynn Resorts employees had a better knowledge of the regulations or allegations and that all the information revealed by the report of the Board of Investigations and Law Enforcement of the game were known to him before he became general manager.
The commission, by a split vote not detailed in the decision, agreed that Maddox remained fit to run a gaming company doing business in Massachusetts.
"The Commission concluded that Mr. Maddox had, at critical junctures, demonstrated a questionable judgment and numerous significant shortcomings in many aspects of his responsibilities as CFO, President and Chief Executive Officer" , wrote the commission. "However, the majority of the Commission determined that these deficiencies were primarily related to its competence and not to its fitness."
In a post-hearing brief filed to defend Maddox's leadership, Wynn Resorts argued that the Gambling Commission "applied to Mr. Maddox a different standard, one that judges his leadership, which is not the case. not a statutory criterion ".
To retain its casino license, Wynn Resorts must also pay an independent auditor, selected by the Gaming Commission, to conduct a comprehensive review of "all corporate policies and organizational changes". The instructor must report on basic findings within six months of selection and will report to the Gaming Commission each year.
"Our main goal is to ensure public trust in the integrity of the gaming sector and strict monitoring of gaming sites." Said Cathy Judd-Stein, Commission Chair. "The Massachusetts law gives the Commission a great deal of meaning in our decision-making, and equally important a duty of fairness comes back to us.We are convinced that we have struck the right balance and are paying our burden. legal and ethical. "
Wynn Resorts is not entitled to "any further review of the board's decision as to its fitness", but the decision "may be reviewed by the competent court", authorizes the state's regulations on games of chance.
Representatives from Wynn Resorts were not immediately available to comment on Tuesday night.
Since the commission began its investigation in February 2018, Wynn Resorts built its Encore Boston Harbor project on the Mystic River at Everett on a parallel runway. The resort's casino is over 90% complete and the company plans to open it on June 23rd.
Speaking to members of the Boston Business Journal's editorial staff on Tuesday, House Speaker Robert DeLeo said it was "very important" that Casino Everett opens its doors as planned.
"I would like to see the facilities open, and I want people to work, and I think there are a lot of people waiting to be able to work there," he said. The budget passed in the House last week is based on $ 98 million in revenue from Encore Boston Harbor for the fiscal year beginning July 1.
The Gaming Commission will hold its first public meeting since Wynn's court hearings Wednesday at 10:00 am at its offices at 101 Federal St. in Boston. The five commissioners and other officials of the commission should be available to the press at that time.
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