Wynn Resorts Stock Soars as Steve Wynn Resigns

08 February, 2018, 01:03 | Author: Teresa Adams
  • Wynn Resorts CEO resigns amidst sexual abuse allegations

The Journal found that Wynn, 76, had harassed female employees for decades and coerced them into sex.

Dozens of women accused the business magnate of engaging in inappropriate behavior, and more than 150 others spoke out against him, the report said.

The billionaire has vehemently denied the report's allegations, which he has attributed to a campaign led by his ex-wife.

Wynn later created a limited-liability company called Entity Y to hide the $7.5 million settlement he paid out to her, the WSJ reported.

His decision to step down as CEO and chairman from the company he founded follows his resignation as the finance chairman of the U.S. Republican Party's fundraising arm, the Republican National Committee, in January. His name was also removed from the university scholarship and campus plaza.

"With Matt, Wynn Resorts is in good hands".

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The Associated Press writes: "Wynn now faces investigations by gambling regulators in Nevada and MA, where the company is building a roughly $2.4 billion casino just outside Boston".

It is also thought the scandal has already cost Wynn more than $400 million of his personal fortune, but he is still being backed by Wynn Resort, which issued a statement saying: "Steve Wynn created modern Las Vegas".

Wynn Resorts, which uses the founder's signature in the company's logo, said its board "reluctantly" accepted the resignation.

"He is a philanthropist and a beloved leader and visionary".

Steve Wynn, king of Las Vegas, has surrendered his crown.

Wynn's mark on Las Vegas is indelible.

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Wynn Macau is owned and operated by Wynn Macau Limited, which opened to the public on 6 September 2006. He drove up standards in hotels, dining and shopping.

Wynn first entered the world of gambling when he took over his father's bingo parlors in Maryland. He parlayed that money into an investment in the Golden Nugget Casino.

But his rising stature in Las Vegas in the 1980s resulted in frequent regulatory inquiries and investigations into possible ties to organized crime.

The Chinese territory is particularly significant for Wynn Resorts, accounting for the large majority of its revenue and profits. Elaine Wynn sat on Wynn Resorts' board for years before she was removed in 2015. Wynn remains in control of about 21 percent of parent Wynn Resorts, which owns 72 percent of the Macau company. Wynn has had the voting right for the estimated $1.6 billion stake, as per an agreement the two had signed.

A number of brokerages have commented on WYNN. Wynn Resorts earned a coverage optimism score of 0.13 on Accern's scale.

What neither the board nor Steve Wynn addressed is if there was pressure from regulators in Las Vegas, Macau, or Boston to oust him. Wynn Resorts's revenue for the quarter was up 29.9% compared to the same quarter past year.

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