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

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

Steve Wynn has been replaced as chairman and chief executive of Wynn Macau Ltd. (1128.HK), his casino empire's biggest money-spinner, following his earlier resignation from the company's USA parent.

Maddox has served as president of Wynn Resorts and as a non-executive director of Wynn Macau since 2013.

Wynn Resorts said Tuesday the resignation is effective immediately.

Earlier in his career, Wynn worked on some of Las Vegas' most iconic resorts including the Mirage, Treasure Island, and the Bellagio.

Wynn also notably acted as finance chairman for the Republican National Committee, a position he vacated last week in light of the accusations.

The Massachusetts Gaming Commission, which licensed Wynn to build the Everett casino, reopened its suitability review last week after the Journal report, and plans to hold a public meeting at 2 p.m.in Boston on Wednesday, with an update on the situation on its agenda. Further, he has been one of the closest executives to Steve Wynn and will likely try to maintain his vision and attention to hospitality and customer experience.

Wynn Resorts illustrates the risk to a company's stock from misconduct accusations against an executive.

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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. Wynn Resorts will purchase approximately 38 acres of the land including the 34 acre site of the former New Frontier, formerly the Alon Resort site, as well as 4 additional acres connected to the site for a total of $336 million.

"Steve Wynn is an industry giant", said Wayson.

"It is with a collective heavy heart, that the board of directors of Wynn Resorts today accepted the resignation of our founder, CEO and friend Steve Wynn", the company stated.

We reported last week that Steve Wynn, boss of the eponymous multi-billion dollar casino and resort empire, had been accused of sexual miscounduct by dozens of women, including many of his own employees. 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.

What do you think of the allegations against Steve Wynn? In the statement, which was posted to the company's website, the 76-year-old lamented his resignation, which came in the wake of sexual misconduct allegations.

Wynn Palace is a new luxury integrated resort in Macau that opened August 22, 2016.

The lawsuit filed in Clark County, Nevada, claimed, based on press reports, that "a board representative" was notified of Wynn's alleged misconduct in 2009 by Wynn's then-wife Elaine.

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