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 Massachusetts Gaming Commission Decision
May 28, Posted 12:15 PM PST
Today, the Board of Directors of Wynn Resorts issued the following statement regarding the decision of the Massachusetts Gaming Commission:
The Board of Directors of Wynn Resorts appreciates the findings by the Massachusetts Gaming Commission that it, and its qualifiers, remain suitable by clear and convincing evidence. The Company will not file an appeal. However, we do not agree with the finding that Matt Maddox violated Company policy, and are pleased that neither the Commission's Investigation and Enforcement Bureau, nor the Special Committee of the Board, found that he, or any other current Company executives, violated any Company policies in managing the allegations against the Company's founder.
The Nevada Gaming Control Board, under whose jurisdiction the alleged activities of our founder occurred, conducted its own year-long investigation and recently reaffirmed Matt Maddox's good standing in Nevada, and praised him for creating a "paradigm shift" and for taking "corrective actions that [have] been impressive." We believe Matt’s leadership has been, and will continue to be, essential in our transformation from a founder-led company to an innovative global corporation. Matt has created a more diverse, inclusive and respectful workplace culture – all while maintaining focus on executing the Company’s business plan.
The Board of Directors disagrees with a number of the Commission's comments and conclusions regarding Matt, and believes they are not supported by the evidence. Therefore, we would support his decision to exercise his rights and appeal the fine imposed upon him, and believe he would rightly prevail in his appeal. However, that appeal would delay the final conclusion of this matter, and therefore we appreciate Matt's decision to forego an appeal in order to allow closure for the Company. The Company will pay the fine imposed on him and has today delivered payment of that, and the Company’s fine, to the Commission.
The Board and executives of the Company look forward to working with the Massachusetts Gaming Commission staff on an implementation plan of the imposed conditions that meets the Commission’s and Company’s mutual goals. Wynn Resorts looks forward to opening Encore Boston Harbor on June 23, which will be the first Five-Star gaming resort in New England.
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
Wynn Resorts Files Post-Hearing Brief with MGC
April 9, 2019, Posted 1PM EST
Closing Statement of Jed Nosal, Partner, Brown Rudnick, counsel to Wynn Resorts LLC
April 4, 2019, Posted 8:20 PM EST
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
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:
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.
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.
Michael Weaver, Wynn Resorts
Deanna Pettit-Irestone, Wynn Las Vegas
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
Review of Actions Taken to Address Workplace Culture And Improve Policies and Procedures
April 2, 2019
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:
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:
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