We lost out on a $130 million firehouse

It is impossible to imagine just how badly the city was ripped off by Steve Wynn and his crew when they took the mayor to the cleaners on the host community agreement that was ultimately negotiated by the mayor.

The mayor settled for $30 million when Everett could have received $130 million for a new fire station in South Everett with all new equipment to be an adjunct to safety precautions necessary because of the presence of the casino and hotel.

The train left the station on that one back in 2018 when Encore was being built.

Why didn’t the mayor consult with others before shooting from the hip?

Was he star-struck by Steve Wynn and all his cohorts? Yes, he was.

Did it affect his performance? Yes, it did.

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Wynn’s dream has not materialized since the casino opened; what comes next

By JOSH RESNEK

When the Encore Boston Harbor Casino and Hotel opened to great fanfare in June, 2019, the hopes and dreams and all the business acumen the Wynn Resorts crew could muster led us to believe this was going to be an unprecedented success.

It has been a success but a success with qualifications.

It has not risen to what it was supposed to be.

The hotel remains less than half full during busy weekends. It is not open Monday through Thursday. Casino revenues appear to have topped. Growth is a question mark as executives look forward into a future they cannot predict.

There is rising demand but this is juxtaposed against changing trends in the casino world.

Such a situation was unimaginable just three years ago.

Today, it is a fact of life, and expensive one for the Wynn Corporation.

Steve Wynn, the defrocked billionaire gaming guru envisioned the Encore as an international playhouse attracting thousands of foreigners coming into Boston to gamble away small fortunes while staying in five star rooms and suites at the hotel.

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Shares swimming upstream against the current

Encore Boston Harbor and the smoke stacks from the Exelon facility. (Photo by Jim Mahoney)

Figures are bad but it might be a good time to buy stock

By JOSH RESNEK

For those of you out there who are stock investors – and there are thousands of those in the city of Everett – you should pay close attention to Wynn Resorts stock’s ups and downs.

During the past six months, the stock has moved between $68 to $75 dollars a share.

At $68, there is almost the guarantee at current business income figures, the stock will rise to at least $75.

Getting over $75 has been difficult although that price level has been pierced several times during the past six months – but never for long.

The virus has destroyed Wynn’s business in Macau.

The business has come back a bit recently but remains about 80% off from last year’s figures.

Macau is Wynn’s cash cow. Seventy-five percent of its business is generated there.

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Sexual harassment lawsuit against Steve Wynn dismissed

By JOSH RESNEK

A lawsuit against Wynn Resorts filed by nine anonymous women who claimed they were sexually harassed by former CEO and founder Steve Wynn, has been dismissed by a federal judge.

The women filed against the company claiming it was well aware of the actions of its CEO and tried to cover up the misconduct.

This suit was filed many months following the publication of a Wall Street Journal investigative report that interviewed dozens of women who claimed they were sexually harassed by Steve Wynn and tormented by a culture of sexual harassment that apparently existed at Wynn Resorts.

That Wall Street Journal report led to Wynn’s resignation from the company he founded as well as leading to the sale of all his stock in the company as well as his resignation as the Republican Party’s chief of fundraising.

According to a detailed report about the federal ruling in Gambling News, an online publication, the women, all of whom worked at Wynn Resorts as manicurists and make-up artists elected to remain anonymous.

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Steve Wynn to be Banned from Owning Casino License in Nevada

By Josh Resnek

The founder and former owner of the Wynn Company, whose vision and energy and money built the Encore Boston Harbor Hotel and Casino is being banned from owning a casino license in Nevada by the Nevada Gaming Commission.

Although Wynn Company was fined $35 million before they opened their doors here in June, Steve Wynn’s status was not determined in a legal way by the Massachusetts Gaming Commission except to note that he would not be allowed to be the licensee of the Encore facility and that his name could not appear on the facility identifying it.

The Nevada action now being taken comes as a result of a new spate of lawsuits against Wynn as well as a spate of older ones.

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