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The casino regulators of Massachusetts have decided to take down disgraced entrepreneur Steve Wynn’s name from a license that was issued to Wynn Resorts to run Everett casino. The license allowed the company to run the $2.5bn resort casino currently under construction in Boston.
In practical terms, this removal will mean the end of association of Wynn with the company that he founded and developed.
As per the new development, Wynn has been removed as a “qualifier” for Boston project, as long as he does not vote at the company’s 16 May annual shareholders meeting.
Lawyers for the company and for Steve Wynn had applied to the Massachusetts Gaming Commission to have Wynn removed noting that he had resigned from the company in February before liquidating his shares in Wynn Resorts.
In a statement, Wynn’s lawyer wrote: “The commission rejects the characterisation by Mr. Wynn’s legal counsel that he is nothing more than an ordinary private citizen of the State of Nevada vis-a-vis Wynn Resorts.”
“There is, however, substantial evidence that the relationship between Mr. Wynn and Wynn Resorts has been terminated in a meaningful way such that Mr. Wynn no longer falls with the definition of qualifier at the conclusion of the upcoming annual shareholders meeting.”
It has been several months since Wynn formerly resigned from the company back in February, following sexual misconduct allegations that he has since denied.
Nonetheless, the decision does not end a separate investigation by the commission into Wynn Resorts and its handling of the sexual misconduct allegations.
Source: European Gaming Industry News