Macau’s gambling regulator met with representatives of Wynn Macau Ltd. to discuss the recently emerged allegations of sexual misconduct against Las Vegas casino boss Steve Wynn. Mr. Wynn is founder, CEO, and Chairman of Wynn Macau’s parent company Wynn Resorts.
The Gaming Inspection and Coordination Bureau, DICJ, said in a Monday statement that it was “concerned” over the reports involving the casino mogul. The regulatory body also voiced concerns that casino gaming concessionaires’ main shareholders, executives, and principal employees might lack the necessary qualifications to operate in the gambling hub. DICJ revealed that it plans to introduce relevant regulations.
Wynn Macau, subsidiary of Wynn Resorts, is one of the six casino operators authorized to run casinos in Macau, the only Chinese territory where casino gambling is legal. The company is due to have its license renewed in 2022. However, analysts believe that the sexual harassment allegations against Mr. Wynn could affect Macau regulators’ inclination to reissue Wynn Macau the necessary authorization to operate in the China-controlled region.
A scenario in which Wynn Resorts loses its Macau license could unleash a disaster upon the company, as the special administrative region has become a main driving force for its growth. Earnings from Macau accounted for 78% of the company’s overall earnings in the fourth quarter of 2017. Wynn Resorts currently operates two properties in the city, including the $4-plus-billion Wynn Palace on the Cotai Strip.
Macau-based gambling consultant Ben Lee told the Financial Times that DICJ’s statement may not bode well for Wynn Macau, as the regulator is traditionally more reserved in expressing its thoughts about matters related to any of the six concessionaires.
In a statement to the Hong Kong Stock Exchange, Wynn Macau said that it would cooperate fully upon any requests from the DICJ in relation to the recent allegations against Mr. Wynn.
The Macau gambling regulator’s comments came shortly after another regulatory body confirmed that it would probe the matter. The Massachusetts Gaming Commission said that it would review the appropriateness of Wynn Resorts building an integrated resort near Boston.
The Las Vegas gambling giant was selected as a preferred developer of a casino complex in the state following the introduction of certain changes in its Constitution that allowed the provision of commercial Las Vegas-style casino games.
Analysts expect that the Nevada Gaming Control Board will too open an investigation into the allegations. According to analysts, the issue could even cost Mr. Wynn’s seat at his company’s Board. And many believe that this could be detrimental to Wynn Resorts, as the businessman has been deeply involved in its day-to-day operations since it was founded.
Women-Hostile Work Environment?
The sexual misconduct allegations against Mr. Wynn first appeared in a Friday report by the Wall Street Journal. The media outlet wrote that multiple former and current employees at Wynn Resorts have accused the casino mogul of varying degrees of sexual misconduct.
In one of the instances detailed by the Wall Street Journal, a former manicurist at the gambling company said she had been paid $7.5 million by Mr. Wynn to keep quiet about being forced by him to perform a sex act in his office.
The casino mogul denied the allegations, calling them “preposterous”. He also said in a statement that the whole situation was engineered by his former spouse Elaine Wynn, who has been trying to regain control over her stake in Wynn Resorts after her ouster from the company in 2010.
Mr. Wynn is also a long-time Republican Party donor. He was a Finance Chairman at the Republican National Committee, but stepped down from his post over the weekend. A number of Republican lawmakers, who have previously accepted donations from the businessman, have said that they would donate the money to various charities in a bid to distance themselves from the issue and Mr. Wynn’s financial assistance.
The post Macau Casino Regulator “Concerned” over Sexual Misconduct Allegations against Steve Wynn appeared first on Casino News Daily.
0 comments :
Post a Comment