Massachusetts agency will allow Wynn Resorts to retain gaming license, fines it $35 million
Regulators had tackled serious questions about the company's suitability after investigators determined the company repeatedly and over years had turned a blind eye to employees' accusations of rape, sexual harassment and other misconduct against founder and then-CEO Steve Wynn. He has said he had romantic relationships with workers but has consistently denied any coercion.
The MGC also reviewed the suitability of CEO Matt Maddox and co-founder Elaine Wynn, Steve's ex-wife, the only two individual qualifiers remaining from the original license application, and decided they are suitable. Maddox was the longtime protege of Steve Wynn — and his appointed successor. In a three-day hearing in March, after investigators presented their report, regulators grilled Maddox about why he didn't know about multiple settlements, complaints or mishandling of allegations.
Sinatra is among a number of former executives named and blamed by gaming regulators in both Nevada and Massachusetts for systemic failures to enforce company policy. The company says those employees are no longer with the company. On April 7, Jeffries upgraded Wynn Resorts to a buy rating with a price target of $170. "Our thesis is: this is the last big project they have. They go through a capital pivot where the spending stops and the cashflow goes up and the leverage goes down and it accretes to the equity value, " says Katz.
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