The Massachusetts Gaming Commission (MGC) no longer considers Steve Wynn as “a qualifier,” with regards to the gaming license issued by the state to Wynn Resorts for its $2.5bn project in Boston.
Hearing evidence and testimony at an adjudicatory hearing, the company is free to continue developing and operating the Everett, Massachusetts scheme, which it last week renamed to ‘Encore Boston Harbor.’
Releasing its decision, the commission stated that “Mr. Wynn will no longer be considered a qualifier to Wynn Resorts, Ltd or Wynn MA, LLC upon the written verification that he did not exercise voting rights at the 2018 Wynn Resorts shareholders’ meeting.”
Heard by five commissioners, seven categories were deliberated under state law, which determines the state of an individual qualifier.
Amongst the evidence presented and considered was Steve Wynn’s resignation as chair of the board of directors and as chief executive officer of Wynn Resorts, in addition to a separation agreement outlining the terms of disassociation between both parties.
It was also noted that despite previously owning approximately 12 per cent of stock in the company, necessary steps were taken to divest and that figure is now listed as zero shares.
Furthermore Wynn Resorts annual shareholders meeting on May 16 was also under consideration, where Steve Wynn holds an entitlement to vote based on stock held as of March 2018.
It was noted however that he will not exercise his right to vote, and as such he will be de-designated as a qualifier by the MGC.
The written decision stated that: “Mr. Wynn is no longer an officer or director of Wynn Resorts, Ltd, and accordingly, he can no longer exercise control or provide direction to Wynn MA, LLC or Wynn Resorts Ltd. in either of those capacities as a matter of law.
“Further, it is clear that Mr. Wynn no longer owns stock in Wynn Resorts Ltd., and, accordingly, at the conclusion of the next annual stockholders meeting, he can no longer exercise control or provide direction in that capacity either.”
Before adding: “Wynn Resorts is implementing a policy that requires officers and directors to report any direct or indirect communication with Mr. Wynn to the Wynn MA, LLC legal counsel.
“The Commission further required that Wynn MA, LLC notify the MGC of any such communications in a timely manner. Lastly, the Commission concludes that Wynn Resorts executed steps to terminate its relationship with Mr. Wynn effectively.
“The Commission decided that there is “… substantial evidence that the relationship between Mr. Wynn and Wynn Resorts has been terminated in a meaningful way such that Mr. Wynn no longer falls within the definition of qualifier at the conclusion of the upcoming annual shareholders meeting.”