By Joshua Resnek
A Wall Street Journal investigative report claiming that dozens of women were sexually harassed by casino mogul Steve Wynn has rocked Wynn’s life and looks to probably take him down.
He has resigned his position as the Chief of Fundraising for the Republican Party.
The Board of Directors of the company that bears his name is considering firing him or asking him to resign.
For his part, Wynn has denied all the allegations referring to them as preposterous.
Here in Massachusetts, the Gaming Commission is holding an emergency meeting Wednesday afternoon to discuss the allegations raised about Wynn after hearing Governor Charlie Baker’s strong comments – that he was shocked and disgusted about Wynn’s fitness to head a casino operation in Massachusetts.
Wynn Resorts stock has fallen dramatically losing more than $2 billion in value since the revelations.
His own stock that he owns in the company is down $500 million.
If Wynn is going down, this will have a definite although unknown effect on Everett.
Mayor Carlo DeMaria did not comment on the situation with the Leader Herald.
Council President Peter Napolitano said during a telephone interview he didn’t know enough about the situation to comment on it and that he had told his colleagues not to say anything.
Representative Joe McGonagle during a visit to the Leader Herald office on Church Street said he was disappointed by the news.
“I am shocked by the Wall Street Journal story and the allegations. I hope they are not true,” he said.
Councilor Mike McGlaughlin reached out to the Leader Herald. He said he was outraged by the revelations.
Everett is presently experiencing a rapid economic expansion which is being led by the Wynn Boston Harbor project which is pumping $2.1 billion into the Massachusetts economy.
Wynn’s possible removal from his company or from a leadership role in bringing the project to completion puts many aspects of the development up in the air.
Most experts commenting on the situation agree – the project will be completed but how will everything else be affected?
What is at stake is the stability of the entire project and the future, without Wynn most likely.
Wynn, marketing experts all note, is the brand for his product, which is the finest in the casino world.
Without his name, the brand is gone.
His casinos are not gone but the genius who built it will no longer be calling the shots and the brand name has been tarnished.
With his name, the brand could die in the present environment where sexual harassment charges such as those lodged against him came to light.
Without his name could cause the same result.
What appeared to be guaranteed by Wynn carries no guarantee without him leading the charge.
What will the new leadership bring to the table for Everett, if anything?
Will there be an uninterrupted continuation of new projects around the city funded by Wynn if he leaves and there is new leadership?
Will the company without Wynn be financially strong enough to make the $30 million yearly payments to the city?
These are all serious questions and serious times for the city of Everett as this tragedy plays itself out.