Steve Wynn Resigns As Head Of Wynn Resorts Amid Sexual Misconduct Allegations

Steve Wynn

Casino Mogul Steve Wynn Has Resigned Amid Sexual Misconduct Allegations

The board of Wynn Resorts has been sued by shareholders, claiming the board knew for years that Steve Wynn, founder and chief executive of the casino operator, had been accused of sexual misconduct and failed to investigate.

The Macau casino operator said in a regulatory filing Wednesday that Matthew Maddox, now a non-executive director, would take over as CEO with immediate effect.

The designer of the Mirage, Treasure Island and Bellagio casinos resigned following an investigation by the Journal last month into allegations of sexual misconduct.

He also served as the finance chairman on the Republican National Committee but stepped down in January following the allegations. Gaming Commission investigators have confirmed the settlement and say Wynn kept the existence of it from them when they were conducting the original suitability review in 2013.

"We don't want to downplay his [Mr Wynn's] importance to the group's strategic decision and vision, but we see limited impact on Wynn Macau's fundamentals... we don't expect negative impact on its patronage, as Wynn Macau doesn't have MICE or corporate events exposure to begin with (unlike Wynn Resorts), while gambling patrons are unlikely to be affected by such reputational issues", JP Morgan's Mr Kim wrote.

"The Wynn Resorts [Limited] team and I have built houses of brick", read a Tuesday statement from Wynn.

How Much Would A Trump Military Parade Cost?
We may have a clown auto administration, but guess what, it is in charge of the most powerful military the world has ever known. Then we will rebuild Pennsylvania Avenue, because Pennsylvania Avenue is not built to transport seven-ton tanks.

Stock Jumping Abnormally High: Ford Motor Co. (NYSE:F)
COPYRIGHT VIOLATION WARNING: This news story was first published by Week Herald and is the property of of Week Herald. Moreover, Commonwealth Comml Bank Of has 0.29% invested in General Motors Company (NYSE:GM) for 731,183 shares.

Milwaukee Bucks: Takeaways from 103-89 win over New York Knicks
For the Knicks as an organization, it signals a total rebuild, with trading all veteran players away and tanking for better picks. The Knicks entered their game against the Bucks four games out of eighth place in the Eastern Conference, having lost 10 of 14.

It has also led to speculation that Wynn Resorts could become a takeover target, and raises the question of how much influence Mr Wynn, its biggest shareholder, will continue to wield over the firm and how much scrutiny from the authorities that will invite. As I have reflected upon the environment this has created - one in which a rush to judgment takes precedence over everything else, including the facts - I have reached the conclusion I can not continue to be effective in my current roles.

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

The board of directors for Wynn Resorts announced it had accepted his resignation. Regulators in Macau have inquired about the investigation because Wynn Resorts operates several casinos in Macau, and the AP reported that shares of Wynn Resorts' China arm, Wynn Macau Ltd., were suspended from trading on the Hong Kong stock exchange on Wednesday morning in Asia. The news came fewer than two weeks after allegations of decades of sexual misconduct were made against Wynn.

Setti Warren, a Democratic candidate for governor, said, "Steve Wynn is not a suitable partner for MA, but it is not enough that he steps down from his public role".

It said the company will "continue to fully focus" on its operations in Macau and Las Vegas, the "development and opening of the first phase" of Paradise Park and construction of Wynn Boston Harbor.

Elaine Wynn, his former-wife, declined to comment on where the resignation left her and her now six-year-old lawsuit to win back control of the 9% stake in Wynn Resorts she had signed over to him.

Latest News