The resignation of former Wynn Resorts CEO Steve Wynn sent shock waves through the gaming industry.
Prior to the present allegations of sexual impropriety, most viewed Wynn as a gaming visionary. He saw the value of entertainment and amenities long before his competitors and left an indelible mark on the industry.
But there was one gaming venue exactly where Wynn lagged behind: on-line.
Wynn’s views of online gambling have been difficult to pin down in current years. But as Chris Grove noted in a recent Grove Report, “Wynn was ambivalent at best, opposed at worst when it came to on-line gambling.”
Wynn wasn’t openly funding opposition efforts like Las Vegas Sands Chairman Sheldon Adelson, but his tepid feelings have presented a roadblock for online gambling legalization efforts in Massachusetts, as well as efforts in Nevada to expand on-line offerings from poker-only to online casino games.
In 2009, Wynn stood as an online gambling skeptic.
In an interview in the time, Wynn told the Las Vegas Sun, “Internet gambling cannot be adequately policed and could embarrass the business.”
Wynn’s tune changed more than the years. Inside a 2011 interview using the Los Angeles Occasions, Wynn was in favor of legalizing and regulating the business in order to bring it out of the shadows. He supported capturing some of the jobs and income the industry was producing.
“We are convinced that the lack of regulation of Web gaming inside the US must alter,” Wynn stated. “We must recognize that this activity is occurring and that law enforcement does not possess the tools to stop it…. It’s time that the thousands of jobs created by this company and also the potentially significant tax dollars come home to the US.”
Soon after those comments, Wynn entered into a short-lived partnership with PokerStars. That deal ended abruptly on April 15, 2011. That’s when the US government cracked down on PokerStars and several other offshore US-facing online poker websites.
Regardless of the setback, Wynn continued to show interest in online gaming, going so far as to apply for and receive a brand new Jersey on-line gambling license in early 2014.
Having a New Jersey license in hand, Wynn once again pivoted his on-line gaming position. He told Nevada journalist Jon Ralston that online gambling wasn’t a “good entrepreneurial chance.” He also resurrected his 2009 comments about a possible scandal plaguing the gaming business.
“Where is the business chance?” he told Ralston. “The large issue I see is I do not see the government letting us keep the cash.”
Even though he publicly opposed online gambling, Wynn by no means joined with Adelson to stymie online gambling.
Based on Las Vegas journalist Howard Stutz, “Sources said Wynn doesn’t plan to financially back the work by Adelson to halt online gaming legalization in Washington, D.C., or state by state.”
In 2017, Wynn Resorts’ online gambling stance appeared to be softening.
Throughout a March 2017 hearing in Massachusetts, Jacqui Krum, the senior vice president and general counsel for Wynn Resorts Development, said the following:
“We will continue to follow the development and implementation of online gaming to determine whether or not it adapts towards the point at which we can participate.”
“However, we believe that if online gaming is permitted it ought to be restricted to licensees.”
Those comments led to speculation that the company wouldn’t stand within the way of on-line gambling expansion in Massachusetts. Nevertheless, a Wynn spokesperson later told On-line Poker Report the company’s view hadn’t changed.
“Among other issues, we continued to believe that online gambling is unable to effectively determine and authenticate the finish user, making a risk of underage gambling,” the spokesperson stated. “We nonetheless maintain our position on this matter, as communicated by Mr. Wynn over the final several years.”
Now, with Wynn out from the picture, the company’s on-line gambling position is likely to resemble Krum’s initial comments.
Initial, the leadership is getting much younger. The 42-year-old Matt Maddox will replace the 76-year-old Wynn because the company’s CEO.
An additional great sign for online gambling proponents was the hiring of Craig Billings as CFO in February of last year. Before joining Wynn, Billings worked for IGT, Aristocrat and NYX Gaming. In short, he knows a factor or two about on-line gambling.