Wynn Resorts CEO denies plans to sell Everett casino project

“Boston is not up for sale,” Maddox said in an interview on CNBC, his most definitive statement since reports of sale talks surfaced several weeks ago. “I like that market. I found the land. I pursued that deal. I entered the agreement with the host community five years ago. I liked that market then. I like that market today.”

Since the Massachusetts Gaming Commission launched an investigation into whether Wynn Resorts should retain its casino license, the future of the Everett project has been up in the air. The probe into the company’s suitability for a license was triggered by a Wall Street Journal story in late January that revealed accusations of sexual misconduct against founder and former CEO Steve Wynn.

As reported by Boston Globe, the commission wants to know what executives and directors knew, and whether they enabled Wynn’s alleged actions or did not disclose them when applying for the license. Character and reputation are elements of suitability, a standard that must be met and maintained to hold a gambling license in Massachusetts.

The commission’s review is expected to be complete by summer. Steve Wynn has denied sexually assaulting any women.

Since the review began, Wynn Resorts has been taking steps to protect its license. Steve Wynn resigned from the company and sold his Wynn Resorts stock. The Wynn Resorts board launched an internal investigation into the allegations and added three new female members. It is expected that the casino will not put the name Wynn on the building, and will instead name the resort after another Wynn Resorts brand, known as Encore.

On Friday, Maddox is expected to appear before a gaming commission hearing on the company’s request to have Steve Wynn formally removed as an “individual qualifier” from its casino license. Qualifiers, which generally include top company officers and major shareholders, must pass a state background check to be found suitable to hold a license.

Despite Maddox’s declaration Wednesday, the company’s plans could change. On a conference call with analysts Tuesday, Maddox suggested that the company could still sell the Everett property if the investigation turned negatively against the company.