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Wynn Resorts Boss Quits After Sex Claims

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On Tuesday, US-based casino mogul Steve Wynn resigned as chairman and CEO of Wynn Resorts following sexual harassment claims. Matt Maddox whom has been the company’s president since 2013 is appointed for the position with immediate effect. Read on.

Wynn Resorts Boss Quits

Wynn Resigns

The owner of Wynn Resorts, Steve Wynn, has called it quits – he announced on a statement on Tuesday. The resignation comes after a report from the Wall Street Journal claimed that the billionaire has for decades sexually harassed his female staff and coerced them into sex. However, Wynn rubbished the claims and called the story “preposterous”.

In his announcement Wynn said: “In the last couple of weeks, I have found myself the focus of an avalanche of negative publicity.

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 cannot continue to be effective in my current roles,” he said.

The 76-year-old believes the sexual harassment allegations were prompted by his ex-wife, Elaine Wynn, to tarnish his reputation. The two have been in a divorce lawsuit since 2012.

Wynn Resorts without Wynn: What Does it Mean?

According to reports, Wynn and his ex-wife still hold about 21 per cent of Wynn Resorts – despite his resignation. He remains the group’s most influential stakeholder, but, however he won’t be able to make any major changes in the company or to forfend a takeover on his own since his shares are outsized. Also, his behaviour will be observed by regulators.

The company, which is responsible for several casino operations including the famous Wynn Macau, Wynn Palace Cotai and Wynn and Encore Las Vegas has with a “collective heavy heart” accepted Wynn resignation.

In Other News

Wynn stepped down as the Republican National Committee’s finance chairman a day after the Wall Street Journal’s article was published. After a few days, he had his honorary degree revoked by the University of Pennsylvania. His name was also removed from the university scholarship and campus plaza.

The Nevada Gaming Control Board and Massachusetts Gaming Commission said they would – in their respective states – probe Wynn Resorts.

Wynn Macau’s shares were suspended on Wednesday following his resignation.