Updates


Wynn Resorts offers this information related to the hearing before the Massachusetts Gaming Commission, beginning April 2. The Company will post updated statements and new releases, as they become available.


Statement from Wynn Resorts Regarding the Recent Affirmative Decision by the Massachusetts Gaming Commission:

May 1, 2019, Posted 6:50 PM EST

Wynn Resorts CEO Matt Maddox and the Board of Directors have worked diligently to make the important and necessary changes to the Company’s corporate leadership, governance, compliance programs and Human Resources policies. With the Massachusetts Gaming Commission review complete, our company is now focused on a successful launch of Encore Boston Harbor, and the recruiting and training of 5,500 team members who will be bringing Greater Boston and New England a luxury hospitality and entertainment experience unlike anything the region has ever seen.

In both its decision and in their meeting today, the Commission recognized the importance of the changes the company has made, with Chairwoman Judd-Stein noting in today’s meeting: “It’s fair to say that recent changes to the company’s governance model, policies, trainings, and operations show a new commitment and focus on all levels of employees, which combined with the ongoing successful business operations continue to demonstrate that Wynn will likely be a successful operator in Everett.”


Statement From Wynn Resorts Regarding The Suitability Decision By The Massachusetts Gaming Commission

April 30, 2019, Posted 8:20PM EST

Read Full Statement

 


Wynn Resorts Files Post-Hearing Brief with MGC

April 9, 2019, Posted 1PM EST

Read Full Statement

 


Closing Statement of Jed Nosal, Partner, Brown Rudnick, counsel to Wynn Resorts LLC

April 4, 2019, Posted 8:20 PM EST

Read Full Statement

 


Statement Provided by Wynn Resorts on Behalf of Phil Satre, Chairman of the Board, Wynn Resorts

April 4, 2019, Posted 5:20 PM EST

Statement of Phil Satre, Chairman of the Board, Wynn Resorts

The Board and management of Wynn Resorts have actively participated in the proceedings of the past three days, and we recognize the importance of demonstrating that we have changed  under the leadership of our CEO Matt Maddox, we have brought aboard new key management, improved our policies and transformed our culture, as well as added new independent directors.

Through both the investigation and the proceedings, we came to understand more fully the expectations of the Commission.  We appreciated the opportunity to provide more details about the extensive changes we have made.  At the same time, we must continue to look deeply at these issues.  I want to assure the Commission, our employees and our guests that the entire Board and management are full partners in the ongoing effort to foster a safe workplace environment where all are encouraged to voice concerns and employees at every level of the organization are held accountable.  As we lead this company into the future, we are committed to implementing and enforcing industry-leading policies for compliance and meeting the highest standards of excellence. 


Presentation From Wynn Resorts During Massachusetts Gaming Commission Hearing

April 4, 2019, Posted 12:30 PM EST

Read Full Presentation

 


Statement from Wynn Resorts Regarding the Conclusion of the Second Day of the Massachusetts Gaming Commission Hearing

April 3, 2019, Posted 5:15 PM EST

We are grateful for the opportunity we had today to provide more details about the extensive changes we have made in the Company in the last 14 months. We also hope we were able to provide the context around the situations in which we acknowledge we fell short. We look forward to continuing our presentation tomorrow.


Statement From Wynn Resorts Regarding The Expert Testimony By Dr. Jennifer Marietta-Westberg, of Cornerstone Research

April 3, 2019, Posted 2:50 PM EST

Statement From Wynn Resorts Regarding The Expert Testimony

By Dr. Jennifer Marietta-Westberg, of Cornerstone Research

Of 19 companies that have dealt with issues of sexual and racial misconduct by top leaders since 2014, Wynn Resorts made “the strongest and swiftest response” in separating itself from the CEO and transforming its board of directors.

This is the principal finding from an expert report being presented to the Massachusetts Gaming Commission today by Jennifer Marietta-Westberg, Ph.D., a Principal at Cornerstone Research https://www.cornerstone.com/, a leading global economic and financial consulting firm. Dr. Marietta-Westberg is a member of the Securities and Exchange Commission Investor Advisory Committee, and former SEC Deputy Chief Economist and Deputy Director of its Division of Economic and Risk Analysis.

In her study, attached, Dr. Marietta-Westberg evaluated a group of 19 companies facing allegations of sexual and/or racial misconduct by top executives, including CBS/Les Moonves, Liberty Tax/John Hewitt, Guess?/Paul Marciano, Fox News/Roger Ailes, and Papa John’s/John Schnattler.

Dr. Marietta-Westberg’s key findings about Wynn Resorts:

  • “[T]he Company exhibited far greater turnover among its board members within a year of the first identified date of the public allegation than all the other firms studied except one [Liberty Tax].” (Page 3)
  • Wynn’s board turnover was 70 percent within a year from the first disclosure of Steve Wynn’s conduct by The Wall Street Journal, compared to a median of 13 percent for the 18 other companies in the year after first disclosure. (Exhibit 3)
  • “[T]he Company implemented a larger increase in the number of women on its board than any of the other companies” (page 3), increasing female representation from 10 percent before the WSJ report to 44 percent a year later.
  • Wynn Resorts now ranks among the top 10 percent of S&P 500 companies for women board members. (Page 14)
  • Wynn Resorts was one of only 3 companies among the 19 whose board created a special committee to investigate the allegations against a top leader and recommend and implement governance and policy changes. (Page 15)
  • Having Steve Wynn sell all his company stock and exit with no severance “was among the more extreme corrective measures for improving corporate governance” among the 19 companies studied. (Page 3)  Read Full Statement

Update From Wynn Resorts Regarding Day Two Of Massachusetts Gaming Commission Hearing

April 3, 2019, Posted 10:30 AM EST

Today, Wynn Resorts Chairman Phil Satre and CEO Matt Maddox will present changes made to the Company’s Board of Directors, policies and procedures following the allegations against Steve Wynn.

  • Separated the roles of CEO and Chairman of the Board, consistent with current corporate best practices.
  • Commenced a robust Board refreshment process.
    • Median tenure of our eight independent directors is now less than two years.
    • The Board that is now nearly 50% women.
    • Established a new compliance program and committee, fully independent of the Board of Directors and composed of individuals with experience in law enforcement, ethics and regulated businesses.
  • Ensured that any employee who was aware of allegations of sexual assault against Steve Wynn and did not investigate or report it is no longer with the company.
  • Appointed Ellen Whittemore, a recognized expert in gaming regulatory matters, as General Counsel.
  • Appointed Marilyn Spiegel, an executive with significant hospitality and human resources experience, as President of Wynn Las Vegas.
  • Appointed Rose Huddleston, a seasoned human resources executive, to the newly created corporate position of Senior Vice President of Human Resources - North America.
  • Refocused efforts on the Company’s workplace culture by making it a priority for the Company’s new Human Resources leadership.
  • Launched enhanced Workplace Compliance and Prevention of Sexual Harassment training for all employees, designed and delivered by a third-­party expert.
  • Implemented new Diversity, Inclusion and Unconscious Bias training for all employees taught by third-party experts. Company senior executives completed an eight-hour training program.
  • Commissioned pay and promotion equity studies to measure pay equality among men and women in the workforce.
  • Launched a new Paid Parental Leave program that provides six weeks of paid time off to new parents.
  • Launched a Women’s Leadership Council to promote equality within the workplace. The group’s first activity was to produce a speaker series, "Women Who Thrive," to educate and inspire employees through powerful female role models.
  • Launched the Great Places to Work survey and focus groups which will measure employee engagement against the Fortune “100 Best Places to Work” to measure progress.

Update From Wynn Resorts Regarding First Day Closing Of Massachusetts Gaming Commission Hearing

April 2, 2019, Posted 4 PM EST

Today's hearing by the Massachusetts Gaming Commission fairly represented the comprehensive and detailed review by the IEB; Wynn does not contest the facts in the report of the IEB.  

We look forward to sharing more information tomorrow about the transformation of the company's governance, policies, training and culture.  

To read CEO Matthew Maddox's opening statement and additional company statements, background on board members, and more detail on our action steps, please visit www.wynninfo.com.

Contact: 

Michael Weaver, Wynn Resorts

michael.weaver@wynnresorts.com

702-400-9537

-or-

Deanna Pettit-Irestone, Wynn Las Vegas

deanna.pettit-irestone@wynnlasvegas.com

702-429-9649


Profiles of the Independent Directors of The Board

April 2, 2019, Posted 3:25 PM EST

Highlights of the relevant experience and expertise of Wynn Resorts’ new Board of Directors.  Read Full Statement


Statement from Wynn Resorts Regarding the Conclusion of the IEB Presentation of Their Report Before the Massachusetts Gaming Commission

April 2, 2019, Posted 1:50 PM EST

The presentation by the IEB provided a detailed and thorough review of the findings of its report to the Massachusetts Gaming Commission.  The findings are consistent with the investigation conducted by our own Special Committee of Independent Directors as well as that of the Nevada Gaming Control Board. The Company does not contest the facts contained in the IEB’s report.

Since initial allegations against company founder Steve Wynn were made public in January 2018, Wynn Resorts has taken swift and decisive action as well as engaged in a period of intense self-reflection and outside review. Wynn Resorts has made countless changes throughout the organization, including a refresh of our Board of Directors; executive leadership changes; a wholesale update to our policies for identifying, reporting and addressing reports of sexual harassment or assault; enhanced training initiatives; and a renewed focus on creating a diverse, inclusive and respectful workplace culture. 

Any employee who was aware of allegations of sexual assault against the Company’s founder and did not investigate or report is no longer with the Company.

Our Board and management plan to share more detail on all of these actions and initiatives during our presentation. 


4/2/19 Statement Regarding The MGC Hearing Opening

April 2, 2019, Updated as of 12:15 PM EST

Statement from Wynn Resorts regarding the opening hearing before the Massachusetts Gaming Commission

(Note:  the last sentence of the first paragraph has been updated as of 12:15 pm EST)

For the past year, Wynn Resorts has cooperated fully with the Massachusetts Gaming Commission’s investigation and review, providing thousands of pages of documentation, allowing full access to company executives and answering every question.  The report produced by the IEB is a complete review of matters related to the company’s founder.  The Company does not contest the facts of the IEB written report.  Read Full Statement


Opening Remarks as delivered by Matt Maddox, CEO Wynn Resorts, at the Opening Day of the Massachusetts Gaming Commission Hearing.

April 2, 2019, 11:49 AM EST

“Fourteen months ago when the Wall Street Journal article came out, our company was shaken to its core.  We were in crisis, and many of us were in denial.  Our 25,000 employees at that time were worried about their future.  The media was reporting that the Company was likely be going to be sold and wouldn’t survive.  I was getting many inbounds from large private equity groups wanting to break the Company up; activist investors were swirling; and it wasn’t just our 25,000 people that were worried, it was their families.  We had 75,000 people worried about what their future was going to be. Read Full Statement


Wynn Resorts Agrees to Not Contest The Facts Of The IEB's Report

April 2, 2019

Read Full Statement

 

 


Review of Actions Taken to Address Workplace Culture And Improve Policies and Procedures

April 2, 2019

INTRODUCTION

Over the past 12 months, Wynn Resorts has undergone a corporate transformation.  We have embarked on a comprehensive self-examination of our company, its management and our workplace policies, procedures and culture.  While we acknowledge that this examination did not reveal any systemic issues regarding sexual harassment at the Company, we are deeply troubled that certain former executives did not follow Company protocols when becoming aware of allegations against the Company’s founder, former chairman and CEO.

Consequently, we have made major changes at every level of key decision-making in the Company. Any employee identified as having been aware of allegations of sexual assault against the Company's former chairman and who did not investigate or report it is no longer with the Company. We have made meaningful changes to policies, practices, and procedures to ensure the Company has a safe, healthy and supportive workplace culture.

The following are among the specific actions the Company undertook in response to the allegations against Steve Wynn:

  • Established immediately a Board of Directors Special Committee to review who at the Company was aware of the allegations against Mr. Wynn as well as conduct a sweeping review of the Company’s workplace policies and procedures;
  • Changed the leadership of Wynn Resorts.  The Company separated the roles of CEO and Chairman of the Board, consistent with best corporate practice.   Matt Maddox was appointed CEO of Wynn Resorts, and the Company fully separated from Steve Wynn.
  • Embarked on a comprehensive review of workplace policies including scrutiny of the Company’s harassment and human resource policies;
  • Implemented changes including a revised and enhanced Preventing Harassment and Discrimination Policy, enhancements to the Company’s reporting and investigative process, a revised and now best-in-class Compliance Program, as well as changes to policies to avoid potential conflicts of interest;
  • Commenced a robust Board refreshment process so that, as of today, the median tenure of our eight independent directors is now less than two years. In April 2018, the Board elected three new female directors, Betsy Atkins, Winifred (Wendy) Webb and Margaret (Dee Dee) Myers, resulting in a Board that is now nearly 50% women and in the top 10% of the S&P 500 in terms of female Board representation. In August 2018, the Board elected Philip G. Satre as Vice Chairman and Richard Byrne as a Director.  In November 2018, Mr. Satre succeeded D. Boone Wayson as Chairman;
  • Appointed Ellen Whittemore, a recognized expert in gaming regulatory and compliance matters, as General Counsel;
  • Appointed Rose Huddleston, a seasoned human resources executive, to the new corporate position of Senior Vice President of Human Resources­ North America;
  • Appointed Marilyn Spiegel, an executive with significant hospitality and human resources experience, as President of Wynn Las Vegas.

In addition to these personnel changes and changes to the company’s workplace policies and procedures, under the leadership of CEO Matt Maddox, the company has taken the following steps to further transform its workplace environment:

  • Launched enhanced Workplace Compliance and Prevention of Sexual Harassment training for all employees, designed by a third-party expert and delivered in-person to all employees.
  • Launched a Women's Leadership Council to promote equality within the workplace.  The group's first activity was to produce a speaker series, "Women Who Thrive," to educate and inspire employees through powerful female role models.
  • Commissioned pay and promotion equity studies to measure pay equality among men and women in the workforce.
  • Launched a Paid Parental Leave program that provides paid time off to new parents.
  • Implemented new Diversity, Inclusion and Unconscious Bias training for all employees taught by third-party experts.  Company senior executives completed an eight-hour training program.
  • Launched the Great Places to Work survey and focus groups which measure employee engagement against the Fortune "100 Best Places to Work."
  • Launched a new annual Wynn Employee Foundation scholarship program, which has awarded ten $7,500 college scholarships to employees and their dependents. 
  • Refocused efforts on the Company's workplace culture by making the aforementioned activities a top priority for the Company's new Human Resources leadership.

By establishing new reporting requirements and investigation processes, increasing workplace oversight, and mandating updated training, including training around sexual harassment, we have reestablished a culture in which employees are encouraged to come forward and employees at all levels are held accountable.  We are making clear, in both policy and action: Every employee is entitled to a safe and respectful workplace and no employee, at any level of our company, is above the rules. Read Full Statement