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feb
9

Casino tycoon Steve Wynn resigns as CEO of Wynn Resorts after Sexual Harassment Claims

Tags: Steve Wynn.
Posted on Friday, February 09, 2018 by "T".

After resigning as finance chairman of Republican National Committee back in January, Steve Wynn has also now resigned as CEO and chairman of Wynn Resorts, which was announced Tuesday by the company.

US tycoon Steve Wynn has resigned from his casino company Wynn Resorts, as the billionaire tries to deal with claims that he routinely subjected women who worked for him to perform unwanted sexual advances.

The 76-year-old has denied the accusations, saying that they are ‘preposterous' and that they were instigated by his ex-wife to gain advantage in their divorce lawsuit. Wynn owns about 11.8% of Wynn Resorts, while his ex-wife has 9.4%.

In a January report, the Wall Street Journal published detailed allegations spanning decades of sexual misconduct by the casino magnate.

The company said it had appointed Matt Maddox, its president since 2013, as CEO, effective immediately. Maddox has been known to be with Wynn Resorts Ltd ever since it was founded in 2002 and he's seen as a firm hand and is widely seen as a favored protégé of Steve Wynn. Also effective immediately, Boone Wayson was appointed as non-executive chairman.

As a result, trade in shares of Wynn Macau was halted on Wednesday.

The company released a statement that the former CEO did not admit to any wrongdoing, but instead the decision was based on the ‘environment' created by the allegations themselves. Wynn said in his statement, "In the last couple of weeks, I have found myself the focus of an avalanche of negative publicity ... I have reached the conclusion I cannot continue to be effective in my current roles."

Losing Steve Wynn is a heavy blow for the global gambling empire he built that also bears his name.

According to Forbes.com, Steve Wynn has a net worth of $3.3 billion. He was the man behind famous Las Vegas casinos in the 1960s, creating some of Sin City's most iconic landmarks - the Mirage (opened in 1989), Treasure Island (1993), and the Bellagio (1998).

However, because of a hostile takeover in 2000, he was forced to sell his multi-billion dollar operation Mirage Resorts to tycoon Kirk Kerkorian, who then went on to create MGM Mirage, while Wynn moved on to create Wynn Resorts with his ex-wife in 2002.

In 2006, he opened his first casino in Macau, where gambling revenues are much bigger than in Las Vegas. An even bigger one, the Wynn Palace, was built 10 years later.

The shares in Wynn Resorts (which owns the Wynn, Encore Las Vegas casinos and also its Wynn Macau branch) have plummeted almost 20% since the Wall Street Journal report on January 26. By market capitalization, the company is worth approximately $17 billion.

Shares in Wynn Macau have dropped to 17% before they were put on a trading halt on Wednesday.

Analysts are now speculating whether Wynn would decide to sell or reduce his stake, and how much fighting will ensure over control of the firm. Analyst at Morgan Stanley in Hong Kong Praveen Choudhary said, "Some investors might consider the resignation of Steve Wynn as the removal of an overhang on the stock, but we think that many uncertainties remain around who will be the controlling shareholders in future."

Source:
https://www.bloomberg.com/news/articles/2018-02-07/steve-wynn-steps-down-as-ceo-of-wynn-resorts-after-allegations
https://www.wsj.com/articles/dozens-of-people-recount-pattern-of-sexual-misconduct-by-las-vegas-mogul-steve-wynn-1516985953

 


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9 comments for "Casino tycoon Steve Wynn resigns as CEO of Wynn Resorts after Sexual Harassment Claims"

 godoy2/9/2018 1:17:48 PM GMT
How do you say divorces are complicated even more when they involve astromonic amounts of money? I do not know if I believe it or not, and it's all possible.
 CALICUL2/9/2018 1:27:26 PM GMT
he has resigned from this position but remains a sexual harasser and this will not matter much to him. He will have to answer to justice and if he is guilty need to paying damages. If he raped a woman then make punishment with prison. These people deserve to be severely punished.
 Sandmanilo2/9/2018 5:29:42 PM GMT
So here is another news story about Steve Wynn. I must admit that I have never heard about this man before I've read about him at Bankrollmob. Not sure if he sexually harassed women, but he definitely harasses me in the news Big Smile
 pajalnick2/10/2018 8:01:51 AM GMT
already a year as the most different famous people are blamed in sexual harassment ..... of course I understand that some such statements actually correspond to the truth .... but it seems to me that not all of them are true ..... just now it's fashionable and many people are trying to make money on this
 bowie19842/10/2018 11:26:57 PM GMT
Why oh why on Earth would he divorcing anybody beyond seventy? Just does not make sense from my point of view dividing your fortune this much close to your final years. If he would do this because of his children I would get it but this way it is weird.
 Tony_MON7ANA2/11/2018 12:25:29 PM GMT
It seems to be a worldwide trend in which people come forward to accuse rich and powerful men of sexual misconduct. There is a long list of high-profile men who have been accused of sexual harassment in the wake of the Weinstein scandal. It's literally like a domino effect.
 godoy2/11/2018 3:53:11 PM GMT
Is it possible that such a big person gets involved in such a bad situation so if I had half of what has a person of this I would be more careful

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is it possible that such a big person is involved in things so bad so if I had half of what has a person of this eui would be more careful with everything I think it should be clarified every situation to get the truth of it all
 CALICUL2/12/2018 1:42:00 PM GMT
godoy there in this world are many people with money who think they can take advantage of this situation. Because of this they take advantage and harass sexually women. If i had many millions would pay for sexual relationships. There are a lot of women who do not ask for much money for this pleasure. This man has a lot of money he could find easily many womens.
 bowie19842/13/2018 2:07:03 AM GMT
Posted by Tony_MON7ANA:
There is a long list of high-profile men who have been accused of sexual harassment in the wake of the Weinstein scandal. It's literally like a domino effect.

Yeah, but there are differences between somebody who just had an uneven night with a millionaire in bed and somebody who's been forced to having sex - yet currently both things considered sexual assault.

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