Business

Steve Wynn Steps Down as CEO of Wynn Resorts Amid Misconduct Allegations

Steve Wynn Steps Down as CEO of Wynn Resorts Amid Misconduct Allegations

Wynn resorts marketplace value dipped more than 18% since the allegations were first publicized.

Wynn repeatedly denied the accusations, but resigned as the chairman for the Republican National Committee shortly after his alleged misdeeds came to light. One such allegation involved a $7.5 million settlement Wynn reportedly paid in 2005 to a manicurist who said at the time that Wynn forced her to have sex with him. However, Wynn rubbished the claims and called the story "preposterous".

There are no plans to change the name of the casino company despite Wynn's departure, according to a person familiar with the matter.

Rick Velotta, welcome to the NewsHour.

"If Steve Wynn is considered not suitable, according to the law he should give up his shares", Wang said.

The company, which said previously it would cooperate with the regulator's requests, operates two casino-resorts in the Chinese enclave that generate about two-thirds of its total revenue.

On Monday, the Las Vegas Review-Journal reported details of a 1998 lawsuit by cocktail waitresses at Wynn's previous company, Mirage Resorts. Mr. Wynn is so ingrained into the identity of the Company that his signature is the Company's logo.

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Wynn said in a statement, "In the last couple of weeks, I have found myself the focus of an avalanche of negative publicity. Therefore, effective immediately, I have chose to step down as CEO and Chairman of the Board of Wynn Resorts, a company I founded and that I love", he said.

Stephen Crosby, the Gaming Commission chairman, noted that Wynn's board appointed a new CEO, Matthew Maddox, the company's president, and Boone Wayson as chairman of the board.

Wynn, 76, has a net worth of $3.6 billion, but USA Today said that all of this bad publicity has cost him nearly $463 million because of a drastic drop in stocks.

Wynn explained that the accusations have created an atmosphere of distrust at the company in which "a rush to judgment takes precedence over everything else, including the facts". Regulators in Nevada and MA are also probing the allegations against Wynn.

"I want to thank all of the employees who have made Wynn Resorts the most admired resort company in the world, and for the support I have received from them in recent weeks", he said.

The $2.4 billion Everett casino is set to be completed in 2019.

Shares in Wynn Resorts, which owns the Wynn, Encore Las Vegas casinos as well as its Wynn Macau unit, have tumbled almost 20 per cent since the Journal report on Jan 26.


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