What does the future hold for Wynn in Vegas?
LAS VEGAS (KSNV) —
We know the name well. It hangs over the Las Vegas Strip on the side of his hotel. Now, the shadow over the name Steve Wynn is known as well. As the political fallout over allegations of sexual assault and harassment continues, the business side is bracing for impact.
Wynn Resorts stocks dropped on Monday. In Massachusetts, the Gaming Control Board have announced a public meeting on Wednesday to talk about what comes next.
Wynn was awarded a gaming license for a $2.1 billion Boston Harbor casino project in 2014. Opinion articles in several newspapers have called for the state to sever ties with Wynn.
In Nevada, it is uncharted waters for the Gaming Control Board.
Former Chairman AG Burnett tells us he's never seen a situation like this but points to a moral clause in gaming law in Nevada that holds license holders to a high standard. Punishments, if allegations are proven true, could be anything from a financial penalty to losing his gaming license.
“The day and age that we’re in right now with the ‘me too’ movement,” Burnett tells us, “I think regulators will continue to look at this as the general public is.”
The allegations come at a time when Wynn is expanding. Since late 2017, he has announced a lagoon feature where his golf course currently sits and with a new casino hotel property across the street.
If that new property needs licensing Burnett tells us these allegations could play a role.
“This is Steve Wynn’s company,” Burnett said “He’s got his name on everything from the napkins on up to the buildings. In many ways, the company's fate is tied to his fate.”
The Gaming Control Board did not return our request for comment, their next meeting is Feb. 7.