![]() In February, Wynn Resorts announced it was selling Encore’s land and real estate and leasing it back, in what has become a common way to raise capital in the casino industry. Last November, Maddox announced he was stepping down, and a new CEO, Craig Billings, was named. In 2020, the casino weathered the coronavirus pandemic-related shutdown but has been bouncing back. Meanwhile, the $2.6 billion Encore casino project moved forward and opened its doors in June 2019. Matt Maddox, a Steve Wynn protégé who took over as CEO, was also fined $500,000 for what state regulators said was a failure to properly investigate at least one misconduct complaint and was ordered to get leadership training. After an investigation and hearings, the Massachusetts Gaming Commission allowed Wynn Resorts to keep its license but levied a $35 million fine against the company for the actions of former executives who were believed to have covered up for Wynn.
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