Steve Wynn Resigns As CEO Of Resort Empire Amid Sexual Misconduct Scandal

Steve Wynn Resigns As CEO Amid Sexual Misconduct Allegations

Billionaire casino magnate and former Republican National Committee finance chairman Steve Wynn has stepped down as CEO of his company after allegations he sexually harassed employees.

Wynn, 76, issued a statement Tuesday evening in which he said he "reached the conclusion I can not continue to be effective in my current roles" after becoming the focus of "an avalanche of negative publicity".

Wynn Resorts announced that the company's current president, Matt Maddox, would be taking over as CEO immediately. "We do not see the issues [related to Mr Wynn's resignation]... having any material impact on customer demand for Wynn Macau products and services (unlike in the USA, where Wynn's brand has already been tarnished by the allegations)", Sanford C. Bernstein analysts Vitaly Umansky, Zhen Gong and Cathy Huang wrote in a Wednesday note. The timing of the situation coincides with the widely-known Me Too movement which seems to propel the collective wave of discontent among the employees of Wynn Resorts which have been allegedly affected by the behavior of Steve Wynn.

The trading of Wynn Macau shares on the Hong Kong stock exchange were halted ahead of today's announcement.

Wynn Resorts snagged the license for what it (somewhat incongruously) calls the Wynn Boston Harbor in September 2014. It's unclear how much of that money went toward the background check into Wynn.

Casino operator Steve Wynn resigned as head of his own company following a report that alleges sexual misconduct.

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Wynn has had a profound effect on Las Vegas, responsible for the Mirage in 1989, to the Bellagio, to the Wynn and the Encore.

The scandalous claims which shook Wynn Resorts empire and its Chief Executive Officer Steve Wynn seem to have escalated quickly into real consequences, as it became known that the casino mogul filed his resignation letter this Tuesday. Citigroup upped their price objective on shares of Wynn Resorts to $161.00 and gave the company a "buy" rating in a research note on Monday, October 16th. Wynn Resorts' stock price had already tumbled in response to the misconduct allegations, from $200.60 on January 25 to $163.22 on Tuesday. We have $191.57 PT which if reached, will make NASDAQ:WYNN worth $1.63 billion more. Just over a week ago, Wynn was in many ways the face of the US casino business after dominating it for five decades.

The move is a shock for Las Vegas, a city that has Wynn's fingerprints all over it.

Wynn first entered the world of gambling when he took over his father's bingo parlors in Maryland. And in January, the company began laying out its vision for another 38-acre property it acquired late past year, a resort and casino called Wynn West.

He was the undisputed King of Las Vegas. Wynn, 76, remains in control of about 21% of Wynn Resorts through his own holdings and the stake held by his ex-wife, Elaine Wynn, Bloomberg reported.

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