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.
Former Suffolk Downs owners say Wynn Resorts unqualified because of faulty background investigation
By JOSH RESNEK
Right now, two major lawsuits are making their way through the legal justice system here in Massachusetts by parties who feel aggrieved by the casino licensing process.
The newest suit entered in Superior Court last week, by Suffolk Sterling, the former owner of the Suffolk Downs Race Track, alleges that they are owed $500 million in damages due to the bidding allowed by the Massachusetts Gaming Commission on behalf of Wynn Resorts.
The allegations include assertions that Sterling Suffolk lost at least $500 million with the MGC’s faulty investigation into Steve Wynn’s background.
By awarding the license to Wynn Resorts after Steve Wynn resigned, a mistake was made in determining Wynn Resorts the qualified party, and act which eliminated Suffolk Sterling from being considered the same.
Suffolk Sterling steadfastly believes it was the qualified party.
Mask mandates, curfews, no large gatherings, and dozens of Coronavirus restraints on doing business are having a negative effect on Encore’s conduct of its business in Everett.
Hours of operation have been curtailed here dramatically, with hours slashed. Further restrictions from the state of Massachusetts Department of Public Health are certain to follow with the dramatic rise in case numbers now taking place.
In Las Vegas, Wynn Resorts is being hampered by new restrictions imposed on out of state travel in California because of the raging virus. Company officials announced they would be cutting mid-week hours of operations because of a lack of visitors to their facilities.
Those cuts included closing down casinos midweek.
All other major players in the Las Vegas gaming marketplace are doing the same.
With air travel at a stand-still coming into Las Vegas, car travel from California was accounting for almost 25% of the Wynn Resorts take in Las Vegas recently.
Encore doing OK despite local restrictions, no sports betting
By JOSH RESNEK
Wynn Resorts is battling the COVID everywhere it owns a property.
The virus has ruined business.
In Everett, it has shattered the dream of a five-star Encore facility.
Only the locals are gambling at Encore, and this is not a preferred development for the company.
Another dream – that of sports betting as new revenue stream – has missed out again on Beacon Hill, where there is no chance that sports betting will be allowed in 2020 in Massachusetts.
In Las Vegas, a plethora of violence on the Strip and at all the major casinos and hotels has caused an out-pouring of fear among those who take their families to visit and to vacation as well as those who come to gamble.
There is not much fear here, but crime has increased, and the social standing of the younger clientele has decreased.