Wynn Resorts CEO Steps Down

Adjust Comment Print

In a recent securities filing citing possible risks to the business, the Company claimed, "If we lost the services of Mr. Wynn, or he is unable to devote sufficient attention to our operation for any reason, our business may be significantly impaired". Wynn resigned as chairman and CEO of Wynn Resorts on Tuesday, Feb. 6, 2018. The Las Vegas Review-Journal began investigating Wynn's misconduct as early as 1998, but allegations did not surface until a January 28 Wall Street Journal article. One specific accusation made by Elaine Wynn, Steve Wynn's ex-wife, is that he coerced a company manicurist to have sex with him back in 2005, and that he subsequently paid her $7.5m to keep it quiet.

Wynn, 76, has denied any wrongdoing. He played the pivotal role in transforming Las Vegas into the entertainment destination it is today.

Rick Velotta, welcome to the NewsHour.

"When you talk about future developments and knowing what the clients wants, nobody in the world was better than Steve Wynn", Mr. Govertsen said.

The company has casino resorts in other locations such as Macau.

Details of Mr. Wynn's separation agreement will be disclosed when they are finalized.

As the "MeToo" movement galvanises women to publicly air their experiences, Mr Wynn's decision represents a rare resignation by a head of a major listed company in the wake of such accusations.

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

American Emily Sweeney Crashes in Olympics Luge Run, Taken to Hospital
She initially put her feet down to slow her progress but quickly began to rock back and forth at more than 60 miles per hour. Spectators and viewers expressed their concern via social media as many feared the U.S. athlete had hit her head and neck.

Wynn, in his own statement Tuesday night, said he was buried by an "avalanche of negative publicity".

Gaming regulators in Nevada and MA are investigating the allegations.

Wynn's resignation as chairman and CEO of Wynn Resorts was effective immediately, the Associated Press reported late Wednesday night.

Although Wynn has called the allegations "preposterous", he announced his departure from the company late Wednesday, saying that "I have reached the conclusion I can not continue to be effective in my current roles".

Wynn, 76, has a net worth of $3.6 billion, but USA Today said that all of this bad publicity has cost him nearly $463 million because of a drastic drop in stocks.

Wynn Resorts operates the Wynn Las Vegas, Wynn Macau Resort, the Encore at Wynn Las Vegas, the Encore at Wynn Macau and the Wynn Palace in Macau. A Wynn Resorts shareholder has also filed a lawsuit against Wynn and the company's board of directors for allowing the misconduct to happen.

The board said in a statement issued in the USA late Tuesday it has appointed Matt Maddox, now president, as its CEO, effective immediately.

The $2.4 billion Everett casino is set to be completed in 2019.