Wynn Resorts Boss Quits After Sex Claims

09 February, 2018, 05:00 | Author: Lora Ball
  • Chairman and CEO of Wynn Resorts speaks during the Milken Institute Global Conference in Beverly Hills California

Wynn's departure has not resolved the problems facing Wynn Resorts since the Wall Street Journal detailed numerous allegations of sexual misconduct against Wynn in a lengthy investigation.

The resignations come after numerous sexual harassment allegations against Wynn, leading to negative publicity for the company.

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", said Wynn.

Wynn previously resigned as finance chairman of the Republican National Committee a day after the reports of the allegations were published.

Morningstar Research analyst Dan Wasiolek wrote that Wynn Resorts' "design quality is unlikely to be affected" by the resignation, in part because its executive bench included 42-year-old President Matthew Maddox, who joined the company in 2002 and was named CEO on Tuesday night.

Wynn resigned on Tuesday after accusations of sexual misconduct by women who worked for him, becoming one of the biggest names in the business world to quit over such accusations.

Steve Wynn and his legal representatives set up a limited liability company to handle and help hide a $7.5 million payment to a woman who accused him of sexual assault, according to a published report. He is a philanthropist and a beloved leader and visionary.

Steve Wynn helped turn Las Vegas into the multibillion-dollar tourist mecca it is today.

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"We'll have to determine the facts of ongoing suitability for Wynn, individual qualifiers", said Ed Bedrosian, executive director of the gaming commission.

Wynn Macau's permit is up for renewal in 2022, and Macau regulators are preparing to outline the process for casino-license bidding later this year.

Matt Madox is the new Wynn Resorts CEO.

Steve Wynn created modern Las Vegas.

Wynn, who developed The Mirage, Treasure Island (now TI) and the Bellagio before launching Wynn Resorts, built the Wynn Las Vegas and Encore through his namesake company.

The scandal - which has drawn scrutiny from regulators in the USA and Macau - complicated Wynn's status in the former Portuguese enclave that generates the bulk of Las Vegas-based Wynn Resorts' profits.

Wynn Macau, which generates around 70 per cent of Wynn Resorts' revenue, has seen its shares hammered after the WSJ report on January 29 in Hong Kong, falling as much as 6.5 per cent.

The board of directors for Wynn Resorts announced it had accepted his resignation.

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