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.

Drake donates to women's shelter, buys people groceries
Drake went to the Sabor Tropical Supermarket and announced on the intercom that he would pay for everyone's groceries. Thank you for blessing me when I thought my hard work was going unnoticed.

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.

Related Articles

  • Twitter finally posts first quarterly profit

    Twitter finally posts first quarterly profit

    Following the transaction, the director now directly owns 2,328,359 shares in the company, valued at approximately $56,509,272.93. Stock has got OUTPERFORM rating from 1 analyst (s) whereas last month 1 analyst (s) have given outperform rating.
    Top US Democrat breaks record with eight-hour speech

    Top US Democrat breaks record with eight-hour speech

    Trump has said he will not entertain a DACA fix that doesn't include border security and funds for a $25 billion border wall. A source close to the California Democrat told CNN she thought of the idea overnight to speak for hours on the House floor.
    South Africa's President Jacob Zuma under mounting pressure to quit

    South Africa's President Jacob Zuma under mounting pressure to quit

    Mr Zuma's popularity among the electorate is at an all-time low due to allegations of widespread corruption hanging over him. On Tuesday, South Africa's parliament took the extraordinary step of postponing Thursday's state of the nation address.
  • Emojis: New list includes a redhead at last

    Emojis: New list includes a redhead at last

    Angus King says a long-overdue lobster emoji is coming to smartphones, and it is cause for celebration. The new emojis are scheduled to be released in June, according to a company news release.
    Pentagon evaluating dates for military parade in Washington at Trump's request

    Pentagon evaluating dates for military parade in Washington at Trump's request

    Jackie Speier of California told CNN's Anderson Cooper on Tuesday. "I don't think it's a particularly good idea", Kennedy said. He says the Pentagon is cooperating with the White House and plans to present some options for the suggested event.
    Walt Disney Co (DIS) Tops Earnings Estimates, Misses Revenue Outlook

    Walt Disney Co (DIS) Tops Earnings Estimates, Misses Revenue Outlook

    For the December quarter, Disney reported net income of $4.42 billion and said revenue rose 3.8 percent to $15. 4 billion . Iger said the ESPN app will deliver "important new experiences and services" and that "the changes will be dramatic".
  • United Nations  agrees sanctioned N.Korea official to attend Olympics

    United Nations agrees sanctioned N.Korea official to attend Olympics

    North Korea is sending 22 athletes to the Olympics , as well as hundreds of cheerleaders, musicians, singers and dancers. In a speech, Kim warned against "aggressors" who want to "ridicule our dignity and sovereignty".
    Liverpool star Mohamed Salah reveals why he failed at Chelsea

    Liverpool star Mohamed Salah reveals why he failed at Chelsea

    Mohamed Salah has revealed that he misses his former teammate and friend, Philippe Coutinho , after he switched to Barcelona . Salah did it in 23 games, and the last Liverpool player to do it quicker in top-flight football was Fred Pagnam in 1915.
    Donovan Mitchell will replace Aaron Gordon in the Dunk Contest

    Donovan Mitchell will replace Aaron Gordon in the Dunk Contest

    I believe that it is a good thing that Hawks' rookie John Collins did not get chosen to appear in the Slam Dunk Contest . Mitchell has been one of the biggest surprises of the class.
  • Rivals250 WR Jacob Copeland picks Florida to dismay of mother

    Rivals250 WR Jacob Copeland picks Florida to dismay of mother

    Copeland had been paining over his decision, tweeting just before midnight Tuesday that he cried all night thinking about it. Dorian Gerald , the nation's No. 1-ranked JUCO defensive end, could be a late addition to the class.
    GM, Ford miss out on tax benefit Trump hands to foreign foes

    GM, Ford miss out on tax benefit Trump hands to foreign foes

    The crosstown rival's Q4 report almost two weeks ago showed a 7-percent EPS miss in spite of a 333-percent year-over-year gain. Standpoint Research upgraded Ford Motor from a "hold" rating to a "buy" rating in a research note on Wednesday, October 4th.
    Knicks plan for future after Porzingis tears ACL

    Knicks plan for future after Porzingis tears ACL

    Perry was leery of giving any sort of timetable for Porzingis' return. "You think of the young person first". Catch me riding around the city in a Sonata.