March 24, 2018

Main » Facing Misconduct Allegations, Steve Wynn Resigns As CEO Of Wynn Resorts

Facing Misconduct Allegations, Steve Wynn Resigns As CEO Of Wynn Resorts

15 February 2018

Wynn repeatedly denied the accusations, but resigned as the chairman for the Republican National Committee shortly after his alleged misdeeds came to light.

Wynn's decision removes some overhang from the stock, which has lost almost a fifth of its value since January 26 when reports of the allegations first surfaced, analysts said. Wynn later agreed to pay the woman a $7.5 million settlement after she filed a report, the Journal reported.

Wynn has strongly denied the allegations. Wynn has also created other famous Las Vegas resorts such as The Mirage and The Bellagio.

Rick Velotta, welcome to the NewsHour.

Casino mogul Steve Wynn during a news conference in Medford, Massachusetts, March 15, 2016.

Maddox, 42, moved to the Chinese-controlled territory of Macau soon after Wynn Resorts secured its concession there.

The report also clarified that details of Wynn's separation from Wynn Resorts will be disclosed as they are finalized, and then concluded with a statement from Wynn where he challenges the accusations against him.

While Wynn is stepping down from the company he founded, his name remains on the casino properties.

Yesterday evening, in a statement released by Wynn Resorts, Wynn announced that he has stepped down as the head of the company as a result of "an avalanche of negative publicity".

"There's still concerns about whether Steve Wynn has control, stock ownership, and those types of things".

"As I have reflected upon the environment this has created - one in which a rush to judgement takes precedence over everything else, including the facts - I have reached the conclusion I can not continue to be effective in my current roles", he said. At the top of the list is whether regulators from Macau to MA will still pursue investigations into the company and the harassment allegations against Wynn. The $2.4 billion resort casino is slated to open in June 2019.

"I want to thank all of the employees who have made Wynn Resorts the most admired resort company in the world, and for the support I have received from them in recent weeks", he said. Matthew Maddox replaced Wynn as CEO.

However, when it comes to the company's future plans for developments in the city, Mr. Govertsen considers that without Steve Wynn there "certainly will be some question marks in the development of the second phase of Wynn Palace on Cotai" since the former CEO was "intrinsically part of the Wynn organisation, especially as it comes to the design and development of casinos and resorts".

The fallout from the claims has reverberated from Macau to Las Vegas.

Facing Misconduct Allegations, Steve Wynn Resigns As CEO Of Wynn Resorts