LAS VEGAS, May 28, 2019 /PRNewswire/ -- Today, the Board of
Directors of Wynn Resorts (Nasdaq: WYNN) issued the following
statement regarding the decision of the Massachusetts Gaming
Commission:
The Board of Directors of Wynn Resorts appreciates the findings
by the Massachusetts Gaming Commission that it, and its qualifiers,
remain suitable by clear and convincing evidence. The Company will
not file an appeal. However, we do not agree with the finding that
Matt Maddox violated Company policy,
and are pleased that neither the Commission's Investigation and
Enforcement Bureau, nor the Special Committee of the Board, found
that he, or any other current Company executives, violated any
Company policies in managing the allegations against the Company's
founder.
The Nevada Gaming Control Board, under whose jurisdiction the
alleged activities of our founder occurred, conducted its own
year-long investigation and recently reaffirmed Matt Maddox's good standing in Nevada, and praised him for creating a
"paradigm shift" and for taking "corrective actions that
[have] been impressive." We believe Matt's leadership has been, and
will continue to be, essential in our transformation from a
founder-led company to an innovative global corporation. Matt has
created a more diverse, inclusive and respectful workplace culture
– all while maintaining focus on executing the Company's business
plan.
The Board of Directors disagrees with a number of the
Commission's comments and conclusions regarding Matt, and believes
they are not supported by the evidence. Therefore, we would support
his decision to exercise his rights and appeal the fine imposed
upon him, and believe he would rightly prevail in his appeal.
However, that appeal would delay the final conclusion of this
matter, and therefore we appreciate Matt's decision to forego an
appeal in order to allow closure for the Company. The Company will
pay the fine imposed on him and has today delivered payment of
that, and the Company's fine, to the Commission.
The Board and executives of the Company look forward to working
with the Massachusetts Gaming Commission staff on an implementation
plan of the imposed conditions that meets the
Commission's and Company's mutual goals. Wynn Resorts looks forward
to opening Encore Boston Harbor on June
23, which will be the first Five-Star gaming resort in New
England.
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SOURCE Wynn Resorts