Bad, Bad, Bad
The allegations of repeated and undifferentiated incidents of sexual harassment and assault against Steve Wynn as documented and reported by the Wall Street Journal, and what might ultimately occur as a result of these sickening revelations, is bad news for Everett, bad news for the mayor’s dream and bad news for all of us who put our future in Wynn’s capable hands.
If Wynn disappears from the scene, and all signs point to this happening, it is a new day for the City of Everett.
Last Thursday, everything appeared seamless and getting done with a partner who has a seemingly limitless amount of money and willingness to spend it in Everett.
Then Friday came and the world fell apart for Wynn and our world was changed as well.
Wynn Casino stock has tanked.
Wynn himself has lost almost $500 million in stock losses as a result of the allegations of sexual harassment and misconduct.
It is only a matter of time until the Wynn Company’s Board of Directors asks him to leave or fires him.
Wednesday afternoon an emergency meeting of the state’s Gaming Commission will discuss Wynn’s fate one way or the other.
Wynn’s reputation has tanked. He couldn’t find an elected public official around here who would stand with him to cut the ribbon when the casino-hotel opens in June, 2019.
With Wynn gone, his brand is gone and if the brand is gone who, we wonder, runs the show and do the new managers have the ability to follow through on Wynn’s promises?
Will they give the city millions to invest with the ease and command Wynn was capable of?
It is possible but highly unlikely.
Better yet, will there be enough money to pass around with Wynn stock tanking and free cash disappearing as a result?
How is the new stadium looking?
How’s the transfer of land looking?
How’s the MBTA deal going?
Will the company without Wynn be able to pay the $30 million that is due when the doors open?
Everything promised by Wynn is at risk without Wynn.
The mayor’s entire fiscal dream for the city has been temporarily derailed and gives the marked appearance of evaporating with Wynn’s demise. What appeared so absolutely certain has been replaced by that which is so absolutely uncertain.
While there is a bit of wait and see about this uncomfortable situation, it is most likely the end of Wynn as the leader of his company.
It is unlikely the new casino-hotel located here will bear his name.
Wynn was supposed to be panacea for Everett.
Now Wynn is a pariah wherever he shows his face.
If he did what dozens of women allege he did he is simply a rotten, vile, human being.
If all those women who came forward are liars – and we strongly suspect they aren’t – then a bad thing has been heaped upon him.
Everything about Everett’s casino-hotel deal has changed.
Let’s see what happens, preparing for the worst, hoping for the best.
Goodbye, Mr. Wynn.