Very few people find their name splashed across a Las Vegas casino.
There's no Johnny Flamingo or Leslie Luxor behind those brand names, and even in a world dominated by huge personalities, it's rare for even the biggest characters to name their casino after themselves.
In fact, on the Las Vegas Strip only Caesars Entertainment's (CZR) -) Caesars Palace and Harrah's carry the names of real persons among that company's proper. None of the MGM Resorts International (MGM) -) properties are named after people except for Delano Las Vegas, which is a tribute to former President Franklin Delano Roosevelt.
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So, on the Strip, you have one casino named after a Roman emperor, another named in honor of Las Vegas's first casino magnate (Harrah's), and a third carrying the middle name of the president who led the U.S. out of the Great Depression. In addition to those three, the only major resort casino on the Strip carrying a person's name is Wynn Resorts (WYNN) -) Wynn.
That's a legacy issue as Steve Wynn, who no longer has an active association with the company, founded the property and led his self-named company until he resigned in disgrace in 2018. Wynn faced allegations of sexual harassment, which he has denied.
Wynn's name remains on the Las Vegas Strip property and on the company he founded. The former executive, however, has now formally been banned by the Nevada Gaming Commission from having any role in the gaming industry in Nevada.
The former executive, who now lives in Florida and did not attend the hearing, also has three days to pay a $10 million fine.
"His former company and executives already have paid more than $55 million in fines to regulatory bodies in Nevada and Massachusetts involving the harassment allegations and the company’s failure to address them," the Las Vegas Review-Journal reported.
Under the terms of the agreement, Wynn did not admit any wrongdoing. He is allowed to own up to 5% of a gaming company but must "remain entirely removed from any direct or indirect affiliation, financing, consultation, promotional advertising in any form of media or licensing agreement in the Nevada gaming industry.”
Wynn no longer has any role in the company that still carries his name, which also operates properties in Boston and Macau.
Image source: Wynn Resorts.
Rio and Fontainebleau Licensed
During the same meeting, the commission also approved operating licenses for the new, not-quite-completed Fontainebleau and the new operator of Rio.
Fontainebleau, which has been in the works for nearly 20 years, is expected to open late this year. The North Strip resort casino will join Resorts World Las Vegas as major players in making that area competitive with the central and south sections of the Strip dominated by Caesars and MGM.
Dreamscape Cos. was also given a license to take over the operations of Rio from Caesars. That change will happen Oct. 1 and the new owner/operator of the property plans a major renovation of the resort casino.
The new owner raised $850 million earlier this year and plans to use some of that to revamp Rio.
"With the intent to preserve the property's bones and honor its legacy, Dreamscape will use the financing to reimagine the two-tower structure, restoring it into a premiere resort and casino experience with modernized amenities and an array of offerings that speak to today's gaming and hospitality consumer," the company shared in a news release.
"The property will remain open throughout the renovation, with the company slated to officially take over and manage operations at the resort in 2023."
