Is Property For Sale; Will Wynn Resorts be Fined?
By Josh Resnek
A report from the Motley Fool widely published last week speculates that the Encore project in Everett may again be for sale, or is likely being discretely shopped around the casino world.
Motley Fool, one of the most influential investment advisors on the Internet, detailed an apparently emerging scenario where rivals MGM Resorts, Caesars and Penn National Gaming could be players for the casino.
The reasoning of the article pointed to the fact that many inside the industry don’t know what the MGC is going to do. However, Wynn Resorts president Matt Maddox is believed to have some insight into what the investigation will result in for Wynn Resorts. But he doesn’t know what that is.
The Motley Fool article pours gasoline on the fire of interest on what Wynn Resorts is doing to protect its investment in every way.
Maddox has publicly insisted the Everett project is not for sale. The recent spate of articles about his talks behind closed doors about speaking with a possible buyer shows a tendency otherwise.
The latest rumors of the sale, as reported in the Internet site Cardplayer, which quoted from the Motely Fool, cited the possible sale rumors from a “person close to the discussions.”
The MGC and earlier investigations by the Wall Street Journal have already determined that Wynn hid from them a $7.5 million settlement stemming from alleged sexual misconduct in 2005 with a former employee in Las Vegas.
Whether or not the MGC will pull the gaming license from Wynn Resorts or allow it to operate or ne the company is the major question of the hour in political and business circles in Greater Boston – with all eyes on the MGC’s decision, which is coming.
The announcement of the results of its investigation are expected at anytime – and following the public airing of the findings, the MGC will apparently decide exactly what to do.
Local officials in Everett are holding their breath awaiting the MGC’s decision.