Wynn Resorts CEO Matthew Maddox took over the company in a crisis that would have tested the most seasoned executive. As the right-hand-man to Steve Wynn for nearly 20 years, Maddox not only learned from the casino magnate but earned his respect. Now Maddox is considering whether the company stays in Boston or moves on.
The Massachusetts Gaming Commission (MGC) gave its decision on Wynn’s suitability last week with a number of conditions, including a fine of $35 million for the company and $500,000 for Maddox. While one would think Wynn/Maddox would cut the checks and move on, MGC’s wording in its decision may cause problems for Wynn down the road … or it could offer a way for Wynn to bow out gracefully.
This week’s meeting of the Massachusetts Gaming Commission was a bit like the frosting on the cake for Encore officials.
The discussion was no longer about suitability or cheating and lies. It was about getting the casino and hotel open on time and making predictions about how best to handle the crush of humanity that will descend upon the place on the day it opens.
That day is set for June 23 – but finishing touches have a long way to go.
The casino has already brought 930 employees on board. Encore officials said 86 percent of its total hires are currently in its hiring process. At its peak, Wynn Resorts expects the workforce at Encore Boston Harbor will total about 5,500.
When opening day comes, Encore Boston Harbor will put into action a plan that it has developed over the last year-plus with community officials from surrounding cities and towns, local, state and federal law enforcement agencies and other partners.
The debate rages on about what is going to happen as the decision presumably comes closer everyday as to whether or not the Encore Casino owned by Wynn Resorts will receive a license from the Massachusetts Gaming Commission.
The MGC has given no indication when or how it is going to rule.
Here in Everett, this coming MGC decision is the vote of a lifetime for the city.
Everett awaits the outcome with baited breath as everything about the city’s immediate financial future hangs on the vote made by the MGC.
The mayor is believed to have cancelled his annual state of the city address until the vote is decided. After all, the state of the city depends almost entirely on Wynn Resorts getting a gaming license.
The mayor is said to be extremely jittery and nervous about the outcome of the MGC’s deliberations.
“He could not get himself to address the city without knowing about the outcome of the vote first,” said a source close to the mayor.
“Can you imagine him speaking about the state of the city without knowing what the MGC is going decide?” added the source.
Industry sources have revealed that Encore Boston will need approximately $1.2 billion in income during a given year to allow for the profits it is planning to make after the doors open in June.
Also, based on other numbers we are reporting in this edition, the $1.2 billion number appears very low. If MGM Springfield can take in revenues of more than $1.3 billion since August -9 months- then the Encore set-up should go way beyond that figure.
Why? Because the hotel is a five star operation, the only one in Boston.
The casino itself dwarfs the Springfield operation and is located in Greater Boston, a far more attractive revenue generating position to be located in.