Wynn Resorts wants to drop 'Wynn' from $2.4B Boston Harbor project
Wynn Resorts wants to strip the “Wynn” name from a planned project in Massachusetts, a company executive said before state regulators on Friday, as it tries to distance itself from sexual misconduct allegations against its founder Steve Wynn.
Matt Maddox, the company’s CEO, formally proposed in an appearance before the Massachusetts Gaming Commission renaming the $2.4 billion project Encore Boston Harbor. The half-completed venue was previously expected to be called Wynn Boston Harbor.
Wynn Resorts has Encore brand hotels in Las Vegas and Macau.
During the company’s earnings call earlier this week, Maddox said the Boston Harbor project likely faces regulatory scrutiny in the wake of sexual misconduct allegations against Steve Wynn. Under Massachusetts law, the character, honesty and integrity of casino license applicants are taken into consideration. Maddox has said buyers have expressed interest in the property, though there has been no decision yet on a potential sale, according to The Wall Street Journal.
The Boston Harbor venue, which Wynn Resorts calls “America’s first five-star urban gaming resort,” is scheduled to open in 2019.
Late last month, Wynn sold his remaining shares in Wynn Resorts, netting him more than $2.1 billion. He owned a 12% stake in the company, which he founded. The businessman faces allegations of sexual misconduct, first revealed by the Journal, and resigned as chairman and CEO of the company in early February. He has denied any wrongdoing.
Wynn Resorts is in the process of trying to revamp its image in the wake of the scandal. Earlier this month it added three women to its board of directors, a move the company cited as a “turning point.”