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.

More news: Steve Bannon will not testify before House committee in Russian Federation probe

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.

Related News:

  • Top recruit, Quay Walker, tosses Tennessee hat for Georgia

    Top recruit, Quay Walker, tosses Tennessee hat for Georgia

    He first picked up the Tennessee hat and put it on, before flinging it across the room and announcing he was headed to Georgia . It takes a certain amount of confidence to correct someone during an apology, but Walker walked that line perfectly.
    Poignant ceremonies mark 60th anniversary of Munich air crash

    Poignant ceremonies mark 60th anniversary of Munich air crash

    A memorial stone, laid in 2004, marks the site of the accident and the plaque bears the names of the victims. Twenty-three people died in total, including eight journalists, and there were 21 survivors.
    Ozone Layer Continues to Deplete

    Ozone Layer Continues to Deplete

    Scientists had thought that VSLSs would not persist long enough in the atmosphere to reach the stratosphere and affect ozone. Overall, the effects balance out but this means the ozone layer over the area studied is remaining in its depleted state.
  • SC  prepare crash leaves 2 useless, dozens damage

    SC prepare crash leaves 2 useless, dozens damage

    In December, an Amtrak train derailed in Washington state , leaving three people dead and dozens injured. Currently, 49 percent of Amtrak's locomotives and 67 percent of its tracks are equipped with PTC.
    2018 iPhones to Drop Qualcomm for Intel

    2018 iPhones to Drop Qualcomm for Intel

    Benchmark scores have revealed in the past that iPhones running Qualcomm modems performed better than those running Intel chips . The KGI report further claims that Apple is working to augment LTE transmission speeds by introducing 4X4 MIMO Chipsets .
    Cellphone radiation poses no real harm to humans, new research says

    Cellphone radiation poses no real harm to humans, new research says

    In real life, humans are exposed to cellphone radiation at a rate that is "very, very, very much lower than what we studied". The threat that radiation from wireless devices could be a public health risk only mounts with today's report from the NTP.
  • Arun Jaitley assures Andhra Pradesh of Central funding soon

    Arun Jaitley assures Andhra Pradesh of Central funding soon

    N Siva Prasad said the TDP members would stall the proceedings on Tuesday, if the government failed to address their concerns. Earlier in the day, Union Ministers have held talks with CM Chandrababu Naidu not to protest during Prime Minister's Speech.
    Tide pod challenge: How we prevent the next risky  internet 'game'

    Tide pod challenge: How we prevent the next risky internet 'game'

    Simotas, who told reporters she uses them, said she once had to snatch one away from her young daughter. Yesterday, New York assemblywoman Aravella Simotas and state Sen.
    Maldives top court revokes order to free prisoners

    Maldives top court revokes order to free prisoners

    The Indian Ocean island nation is made up of 26 coral atolls and 1,192 islands, and tourism is a vital part of its economy. Mr Nasheed also called on the U.S. to stop Maldives government officials from making transactions through American banks.
  • More Flu-Related Deaths Were Recorded In The US

    More Flu-Related Deaths Were Recorded In The US

    The worst part about all of this is doctors are estimating we've got another 4-6 weeks left at a minimum for the flu season. Nebraska, along with the rest of the nation, is experiencing a severe flu season, and Perkins County is not immune.
    Snap Earnings Beats Big on Earnings

    Snap Earnings Beats Big on Earnings

    Tuesday's after-hours gain has Snap trading back above its initial public offering price of $17 for the first time since July. More importantly, revenue was up 72 percent year-on-year to $285.7 million, compared to the estimate of $253 million.
    Melania Trump Refused to Pose for a Joint Picture With Her Husband

    Melania Trump Refused to Pose for a Joint Picture With Her Husband

    Footage showing how Melania Trump left her husband in front of journalists with cameras has recently been released online. That's because the first lady, as she has become famed for doing , draped her coat over her shoulders.

Most liked

ANC leaders to meet on Wednesday
Zuma. "When we met the President, we then learnt that he was already writing to Parliament to ask for the postponement of SONA ". The opposition parties had demanded that the speech be postponed until Zuma was removed from the leadership.

Justin Trudeau corrects woman for using 'mankind': 'Peoplekind' is 'more inclusive'
Justin Trudeau has been criticised for telling a woman to use the word "peoplekind" rather than "mankind". A woman speaking with Trudeau about religious charities in Alberta last Thursday used the word "mankind".

Oil Prices Fall On Rising Crude Inventories
Last month Saudi Arabia increased output by 60,000 bpd to 10.01 million bpd, still under its quoted celling. Now Chinese crude oil import volumes also surpassed the American imports in annual figures .

IOC chief 'disappointed' over lifting of Russian doping bans
There is a sense that the International Olympic Committee is not able to punish a sporting superpower like Russian Federation . He added, "we tried to make it clear that our approach is that the Olympic Games should be beyond political tensions".

Maldives top court reverses decision to free jailed politicians citing president's 'concerns'
Yameen has had nearly all the political opposition jailed since he came to power, in an escalating crackdown on dissent. Charges against CJ and Supreme Court judge have not been specified.

Autopsy planned on girl, 2, found on porch in freezing temps
A 911 dispatcher tried to give CPR advice to the frantic mother who discovered her daughter unresponsive on their front porch. The mother returned to find the daughter on the porch of their apartment on Doty Drive in Akron at about 3:30 p.m.

Trump not rattled by stock market volatility, says White House
Trump boasted the rise of the stock market both on Twitter and in his recent State of the Union address. They went wall to wall with coverage of the stock market declining.

PUBG Confirms New Anti-Cheat Measures Happening Today
From the Battle Royal forums , the company clarified that, despite the delay, they have already blocked the use of ReShade . This allows players with ReShade installed to see their competition at a distance before their competition can see them.

Departing US Fed Chair Yellen To Join Think Tank Brookings Institute
Yellen ended her term as the Federal Reserve chairperson this week and starts on Monday at the Brookings Institution . The Fed's move is the latest and most serious regulatory action against the bank over the past year and a half.

Drake Throws Da 'U' in Miami ... Rides Another Bandwagon
You are so great and fantastic ! "And the best news of the day is that the bell is about to ring, so school is over!" Drake stunned students at Miami High by taking to the sky in a crane, to film visuals for his hit God's Plan .

At least 30 civilians dead in govt airstrikes in Ghouta
Turkey began deploying forces in an observer role to rebel-held Idlib in October as part of the "de-escalation" agreement. The Russian Su-25 was shot down on February 3 in the area of terrorists-controlled Idlib province in Syria.

Burnley 1 Manchester City 1
The Chile worldwide saw his penalty saved in the 68th minute but scored when the ball richocheted off goalkeeper Jonas Lossl. La Liga: Real Sociedad 5 (Willian Jose 32, Illarramendi 62, 89, Canales 75, Elustondo 82) bt Deportivo La Coruna 0.

Ireland Gear Up For 6 Nations Clash With France
He will make his worldwide debut at Stade de France only three months after starting his first Top 14 match with Bordeaux Beglés. Schmidt explained: "We felt he went really well against Montpellier and we are looking forward to seeing what he will deliver".

Google Enables Pixel 2 HDR
GOOGLE HAS enabled its AI photo enhancing software for the Pixel 2 and Pixel 2 XL for third-party apps. The supported devices includes Nexus 5X, Nexus 6P, Pixel C, Pixel, Pixel 2 , Pixel 2 XL and Pixel XL.

Bitcoin has halved in value since 2018 began, plunging below $6000
Coindesk measures the price of bitcoin based on a Coordinated Universal Time - now the same time zone as the United Kingdom. According to CoinMarketCap .com, XRP is now having a market capitalization of only $27.3 billion.