The Massachusetts Gaming Commission recently announced that it is satisfied that Steve Wynn no longer has any control over Wynn Resorts. Following the sexual misconduct scandal, Wynn resigned as CEO and sold all his shares in the company he co-founded. This was to ensure Wynn Resorts didn’t lose any of its casino licenses. The Massachusetts Gaming Commission was one of the first to announce an investigation.
Massachusetts Ruling Dependent on Wynn Not Voting
The announcement was made earlier this week, and the state’s gambling regulators decided that they were satisfied that Wynn no longer had any control of the company. It also stated that his previous ownership would not have any effect on Wynn Resort’s $2.5 billion resort, which is currently under construction.
However, the Massachusetts Gaming Commission did note that because Wynn owned 12% of Wynn Resorts at the beginning of March 2018, he was entitled to vote in the firm’s shareholders meeting. This is scheduled to begin on the 16th of May. The commission said that it required verification that Wynn would not be participating in the voting process and once they have this, they will then be satisfied he has no further control or influence on the company.
Massachusetts Gaming Commission Investigation Not Over
While this is certainly a win for Wynn Resorts, the company is not out of the woods yet. The Massachusetts Gaming Commission is continuing to investigate whether the Wynn Resorts executives or board members knew about the allegations against Steve Wynn. The gaming commission is most interested in whether there was any knowledge of a $7.5 million settlement payment made to a manicurist in 2005.
While Wynn Resorts patiently awaits to see the results of the investigation, it has implemented a policy for all board members and executives. Should Steve Wynn contact any of them, they will be required to notify their legal team within a 48-hour period. This information will then also be passed on to the Massachusetts Gaming Commission.