Steve Wynn steps down as CEO of casino company

Irene MckinneyFeb 08, 2018

"Today I accepted Steve Wynn's resignation as Republican National Committee Finance Chair", McDaniel said in a statement.

Wynn Resorts Ltd shares jumped 10 percent on Wednesday, as investors approved of the casino operator's decision to give company veteran Matt Maddox the top job, replacing casino mogul Steve Wynn who resigned following sexual misconduct allegations. The billionaire's severance agreement stipulates that his employment be either "terminated without cause" by the employer, or by him with "good reason" after a so-called change in control, which could be if Wynn Resorts was acquired, but also if the company's "existing directors...cease to constitute a majority of the board".

Steve Wynn has been replaced as chairman and chief executive of Wynn Macau Ltd. (1128.HK), his casino empire's biggest money-spinner, following his earlier resignation from the company's USA parent.

Late last month, Wynn headed a fundraiser for the Trump's reelection campaign and the RNC at Trump's Mar a Lago resort in Florida.

Described as an industry giant and visionary, Wynn was a key player in transforming Las Vegas into the entertainment destination it is today. Steve Wynn himself also came out with a statement which expressed his position regarding the negative publicity swirling around the allegations. Wynn Resorts shares have plunged more than 18% since news of the allegations broke.

As of this writing, William White did not hold a position in any of the aforementioned securities.

US casino mogul Steve Wynn has resigned as CEO of his company Wynn Resorts following claims he routinely subjected women who worked for him to unwanted advances, becoming one of the most prominent business leaders to quit over sexual misconduct allegations. More deals would follow, including the takeover of the publicly traded Golden Nugget, which operated a rundown casino in downtown Las Vegas. I am extremely proud of everything we have built at this company.

Wynn had admitted no wrongdoing and said in his resignation statement that there had been a "rush to judgment", which he said took precedence over everything "including facts" with regard to the misconduct allegations.

Wynn Resorts, which was listed on the Nasdaq in 2002, owned four casino hotels as of December 2017: the Wynn Las Vegas and Encore in Las Vegas and Wynn Macau and Wynn Palace in China.

It was at the Wynn & Encore resort that Prince Harry was snapped naked during a lads' break, when he was rumoured to have booked an eight-bedroom suite.

It should be noted, that Mr. Wynn claims that all allegations are false.

Mr. Wynn has said it was "preposterous" that he would assault a woman. Regulators in Nevada and MA are reviewing the allegations, and Wynn Resorts' board launched its own investigation.

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