Encore Boston Harbor Casino | 1 Broadway | Everett

Re: Wynn Everett Casino | Everett

falcon42 said:
Thanks now I can buy low!
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The low low price of where it was a month ago. WYNN's 52 week low is still ~55% of the price after this sell off... Buying now is still buying into a recent bubble around their stock.
 
Re: Wynn Everett Casino | Everett

Gameguy326 said:
I'm a little confused as to why anyone thinks the current allegations will at all affect the casino? The biggest thing I could see is a name change.

Don't forget that Wynn Resorts is a publicly traded corporation, with a full board. Yes, Wynn is the CEO, but if he has to step down or take a leave for whatever reason, someone else will step in. That is how these things literally always work.
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Casinos print money, but you have to be able to engage local politicians, unions, and developers to grease the wheels to build one profitably. If you're a terrible deal maker, it's even possible to lose money on a casino after taking into account all the operational and real estate expenses (see: Donald Trump).

So if analysts were expecting 10% annual growth due to Steve Wynn's ability to wheel and deal, but are unsure about his replacement, that adds a lot of risk into the valuation of the stock price. If Wynn's replacement can only grow at 3% annually then the stock would be worth a lot less than it was at 10%.
 
Re: Wynn Everett Casino | Everett

FenwayResident said:
Casinos print money, but you have to be able to engage local politicians, unions, and developers to grease the wheels to build one profitably. If you're a terrible deal maker, it's even possible to lose money on a casino after taking into account all the operational and real estate expenses (see: Donald Trump).

So if analysts were expecting 10% annual growth due to Steve Wynn's ability to wheel and deal, but are unsure about his replacement, that adds a lot of risk into the valuation of the stock price. If Wynn's replacement can only grow at 3% annually then the stock would be worth a lot less than it was at 10%.
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I'm also curious if whoever takes over will be as willing to make side deals with the local yokels to cover pedestrian bridges and traffic circle realignments. Wynn could do that because he was the face of the company and flashing around lots of money to get a deal done was part of the act. If some corporate beancounter takes his place, they could say "here's the casino, take it as is. No more extra $$$".
 
Re: Wynn Everett Casino | Everett

Gameguy326 said:
I'm a little confused as to why anyone thinks the current allegations will at all affect the casino? The biggest thing I could see is a name change.

Don't forget that Wynn Resorts is a publicly traded corporation, with a full board. Yes, Wynn is the CEO, but if he has to step down or take a leave for whatever reason, someone else will step in. That is how these things literally always work.
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Maybe. If Wynn is forced out (If he even can be forced out, he may retain special classes of shares that still give him control of the company... I don't know). But even then there is the 12% ownership stake which means the "suitability" standard still applies unless he goes under 5% of the shares.

Things are going to get messy if Massachusetts tries to force divestiture based on these allegations. We are talking about billions of dollars and a lifetime of work... Wynn isn't walking away from that without a fight even if they take his name off the building.

Retirement from management control and the Casino Commission then dropping the investigation would be about the only things that I could see resolving the situation.
 
Re: Wynn Everett Casino | Everett

Steve Wynn just stepped down as CEO of Wynn Resorts.
 
Re: Wynn Everett Casino | Everett

Annnnd.......He's out.

Steve Wynn, facing sexual misconduct allegations, to step down as CEO of the resort company he founded
http://wapo.st/2Ep2jJe

That was quick.
 
Re: Wynn Everett Casino | Everett

That's actually really surprising
 
Re: Wynn Everett Casino | Everett

So is it still “Wynn” resorts ? I wonder if the building will have a huge “Wynn” on it. Since they want to rename yawkey way...I don’t see how they can slap a huge Wynn on this.

Encore works just fine for me.
 
Re: Wynn Everett Casino | Everett

Jouhou said:
That's actually really surprising
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That was the easy part... hopefully that takes care of it from a regulatory standpoint and Mass regulators don't threaten the license. Maybe fine them for the non-disclosure and move forward.
 
Re: Wynn Everett Casino | Everett

tangent said:
That was the easy part... hopefully that takes care of it from a regulatory standpoint and Mass regulators don't threaten the license. Maybe fine them for the non-disclosure and move forward.
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Find them and give the money to Everett. They had to lay off 58 teachers this week because of a budget shortfall (due to not getting some low income student grants).
 
Re: Wynn Everett Casino | Everett

tysmith95 said:
Find them and give the money to Everett. They had to lay off 58 teachers this week because of a budget shortfall (due to not getting some low income student grants).
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But new football stadium, yay!
 
Re: Wynn Everett Casino | Everett

Mongo said:
Annnnd.......He's out.

Steve Wynn, facing sexual misconduct allegations, to step down as CEO of the resort company he founded
http://wapo.st/2Ep2jJe

That was quick.
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WYNN, Does not want to jeopardize this project at this point.
This one is a money machine.

WYNN was very smart on this stepping down. In reality he is just behind the curtain.
 
Re: Wynn Everett Casino | Everett

TheRifleman said:
WYNN, Does not want to jeopardize this project at this point.
This one is a money machine.

WYNN was very smart on this stepping down. In reality he is just behind the curtain.
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WYNN, would create too much traffic from the use of his private car. Traffic I tell ya.
 
Re: Wynn Everett Casino | Everett

TheRifleman said:
WYNN, Does not want to jeopardize this project at this point.
This one is a money machine.

WYNN was very smart on this stepping down. In reality he is just behind the curtain.
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It has nothing to do with Wynn himself or this project. He was forced out.
 
Re: Wynn Everett Casino | Everett

617 said:
So is it still “Wynn” resorts ? I wonder if the building will have a huge “Wynn” on it. Since they want to rename yawkey way...I don’t see how they can slap a huge Wynn on this.

Encore works just fine for me.
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I had a dream that the Gaming Commission required Wynn to rename the casino "Win." I also am having a hard time seeing them slap a huge Wynn on this thing that is visible for miles but perhaps the project has come too far and Wynn himself stepping down is sufficient. Fascinating either way.
 
Re: Wynn Everett Casino | Everett

A name change should be mandated
 
Re: Wynn Everett Casino | Everett

It should be named after the next CEO, John Louse*

*Not actually the next CEO
 
Re: Wynn Everett Casino | Everett

jass said:
A name change should be mandated
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Its the name of the company and its brand. That hasn't changed. Its not like a street where its an honor. Anyone changing the name of Ford Motor Company because of the founder?
 
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