Thursday, 22 February, 2018

Hotelier Steve Wynn resigns as CEO following sexual misconduct allegations

Billionaire casino mogul Steve Wynn resigns from Wynn Resorts amid sexual misconduct scandal Wynn Resorts CEO Steve Wynn steps down after sexual misconduct allegations
Elsie Buchanan | 15 February, 2018, 07:05

The Las Vegas billionaire has vehemently denied the allegations, which he attributes to a campaign led by his ex-wife.

Elaine Wynn has denied this. The move was no doubt also expedited by the Nevada Gaming Control Board's decision to investigate allegations against Wynn.

Wynn's resignation may not be enough to satisfy regulators in Macau, since the gaming law's suitability clause applies to major shareholders as well as executives and directors, according to Wang Changbin, director of the Gaming Teaching & Research Center at Macao Polytechnic Institute. With Matt, Wynn Resorts is in good hands.

Now that Wynn has resigned, the board's investigation is even more urgent, said Betsy Atkins, a corporate governance expert who currently serves on the boards of Schneider Electric, HD Supply, Cognizant and Volvo.

Shares of Wynn Resorts plummeted last week when the report broke. He's already richer for leaving - Wynn's stock rose almost 8% early Wednesday after the company announced his departure. Gambling regulators in Macau, the world's biggest casino market, said they were officially notified about the resignation. They spoke to dozens of employees who said that he had engaged in sexual misconduct over several decades. "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".

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"I don't think Wynn itself had significant day-to-day involvement in the operations of the Macau assets, so I don' think we'll see much of a change at all". Two years later, he founded Wynn Resorts, which now operates two luxurious casino-resorts in the city and is in the process of building a lake and hotel development called Paradise Park on the site of a former golf course. The company also is developing the Wynn Boston Harbor in Everett, Mass., which is expected to open June 24, 2019.

Wynn's company, Wynn Resorts, is responsible for resorts such as Wynn Las Vegas and Encore.

The financial stability of Wynn Resorts and Steve Wynn's continued stock ownership in the company, despite his Tuesday night resignation as CEO, remain among the items that the Massachusetts Gaming Commission is including in its Wynn review.

Wynn stepped down as the Republican National Committee's finance chairman a day after the Wall Street Journal's article was published.

Since 2013, Wynn has contributed almost $2.4 million to GOP candidates and party organizations around the country, including Nevada Gov. Brian Sandoval and 2017 special election winners.

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