Believes that once pandemic eases gaming industry will rebound strong
By JOSH RESNEK
Wynn Resorts Chief Operating Officer Matt Maddox believes that when the worst has passed with the virus, and when the vaccine has been distributed and millions inoculated, that the casino and hotel business will return, and powerfully.
Maddox is an industry legend and leader, who learned nearly all his business skills from his former boss and mentor of 20 years, the founder of the company bearing his name, Steve Wynn.
In a wide variety of interviews given, Maddox recently said that pent up demand will cause Wynn Resorts numbers to soar when all is said and done with the virus.
He understands this like everyone else dealing with the results of the virus; a mountain of restrictions and a travel and convention industry that has gone bust.
“Life won’t always be this way,” he repeats over and over.
In many comments made to industry leaders and Wall Street reporters and to casino analysts, Maddox remains firm in the belief that when the worst has passed, “Watch out!”
Maddox knows of what he speaks.
Wynn Resorts stock price is an indication that many investors believe in gaming and in folks like Maddox.
A year ago, Everett’s future was about as bright as it had ever been. Looking down Broadway toward Boston one could see a completed casino, a huge bronze building that defined our side of the Mystic river. Then, Everett was on edge and many in the state divided as to whether Wynn would or should get its license because of strong allegations of sexual harassment by its former chairman Steve Wynn and an environment of covering it up. Wynn prevailed, the casino opened and, despite a few scuffles by late-night miscreants, we had 5,000 new jobs in our town.
Now, the casino is closed like many businesses in our town. While Encore is paying its employees for now, something we applaud here at the Leader Herald, we are all experiencing a time of uncertainty. What will life look like on the other side of coronavirus? It will be different.
We are all taking time indoors, for the most part with family, but we have our moments of solitude where we must confront the reality. We are asked to be brave and be strong but it is okay to feel fear, to embrace it for a positive change.
Did Encore executives reserve a suite for the mayor and his family and others associated with the city at the hotel the night before the opening on June 23, 2019, and if they did, why has the mayor not itemized the payment for the suite on his recent campaign finance report?
Questions in some quarters have arisen about whether or not the mayor paid or was given the suite pro bono by Encore, which is not allowed for public officials under Massachusetts ethics law 268A.
Encore did in fact provide a complimentary suite for the mayor and his family, the night before the hotel opened officially to the public, according to Wynn Resorts Vice-President Michael Weaver.
“Mayor DeMaria was not charged for his room on June 22 and his counsel submitted a disclosure of that fact to the Massachusetts State Ethics Commission. Since it opened to the public on June 23 and began charging for rooms, Encore has not offered or permitted any complimentary rooms for any elected official,” Weaver told the Leader Herald.
The mayor – all mayors in the commonwealth and municipal officials – are required to pay personally or from their campaign account for such a suite or for any gratuity given to him over $50.