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Oct 16, 2019
, Bloomberg News
(Bloomberg) -- Wynn Resorts Ltd. named a new president at its Encore Boston Harbor resort, replacing management of the $2.6 billion hotel and casino four months after it opened.
Brian Gullbrants, a Wynn veteran who oversaw the opening of the company’s Encore casino in Las Vegas in 2008, was named president. He replaces Robert DeSalvio, who led the Boston resort development for five years.
“Bob leaves Encore with a hand-selected team prepared to take on the challenges ahead,” Wynn Chief Executive Officer Matt Maddox said in a statement Wednesday. “I salute him for his commitment to the project and, most importantly, his dedication to his team.”
Encore Boston Harbor opened June 23, delivering what analysts said were strong results from table games like blackjack, but weakness from slot machines. The resort generated $48.9 million in casino revenue in September, down almost 7% from August, according to the Massachusetts Gaming Commission.
The casino is the last of three authorized by Massachusetts in 2011. Results from the MGM Resorts International casino in Springfield have been below the company’s expectations.
In an interview Tuesday, Jay Snowden, president of Penn National Gaming Inc., which owns the Plainridge Park Casino near Boston, said competition has been fierce, and the newer operators may have underestimated how loyal customers are, particularly to the competitors in Connecticut.
“At the high end of our database, no question that Encore would like to have those customers,” Snowden said. “Their slot business I think has not hit what they forecast. They’re spending a lot of money on slot marketing right now.”
Wynn has come through a tumultuous two years, including the ouster of founder Steve Wynn in February 2018 for sexual misconduct. The company was also sanctioned by regulators in Nevada and Massachusetts for failing to act properly on accusations leveled against him.
Officials in Nevada took steps this month to revoke Steve Wynn’s casino license.
To contact the reporter on this story: Christopher Palmeri in Los Angeles at cpalmeri1@bloomberg.net
To contact the editors responsible for this story: Nick Turner at nturner7@bloomberg.net, Rob Golum
©2019 Bloomberg L.P.
