Facing Misconduct Allegations, Steve Wynn Resigns As CEO Of Wynn Resorts
15 February, 2018, 07:05 | Author: Terri Saunders
Wynn has been active in the Las Vegas casino scene for decades, but founded Wynn Resorts in 2000 and went public two years later. 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.
In a statement Tuesday, Wynn said that he chose to step down after "an avalanche of negative publicity", adding "I have reached the conclusion I can not continue to be effective in my current roles". "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", Wynn said in a written statement.
The Las Vegas billionaire has vehemently denied the allegations, which he attributes to a campaign led by his ex-wife. Wynn had repeatedly denied the accusations.
But that all came crashing down when The Wall Street Journal published a story alleging a years-long pattern of harassment and sexual coercion by Wynn against his employees. With Matt, Wynn Resorts is in good hands.
Wynn was also the finance chairman of the Republican National Committee and a big GOP donor. But the company hinted that Wynn will get some kind of severance.
The Wynn Resorts statement Wednesday did not suggest that it considered Wynn guilty of any misconduct.
Wynn's name is the company's logo and he owns a 12 percent share in the company. 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. And it said it was reluctantly announcing that it had accepted his resignation.
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"When you talk about future developments and knowing what the clients wants, nobody in the world was better than Steve Wynn", Mr. Govertsen said.
Wynn, known for building luxury resorts, and the surging profits from its Macau business make the company a lucrative takeover target for real-estate focused companies and Chinese investors, analysts said.
"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".
Wynn Resorts is now constructing Wynn Boston Harbor located in Everett, Massachusetts.
Wynn's resignation may not be enough to satisfy regulators in Macau, according to Wang Changbin, director of the Gaming Teaching & Research Center at Macao Polytechnic Institute, since the gaming law's suitability clause applies to major shareholders as well as executives and directors. Matthew Maddox, the company's president since 2013, was named CEO effective immediately.
Wynnresigned as CEO and chairman of the board, and details of his separation agreement will be released when finalized, according to a statement from Wynn Resorts.
All other members of the board will stand for re-election for a further term of office of one year, Credit Suisse . The expectations are that Credit Suisse will mark a new increase in cash, both in Q4 2017 and in the whole year.
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