The billionaire joins the list of powerful men who have been toppled by the allegations of sexual misconduct sweeping America's boardrooms. Does it change your mind about visiting a Wynn casino? What's more, his company has lost almost a fifth of its market value in that time.
In a statement, Wynn said that Matt Madox, the president of Wynn Resorts, will take on the role of chief executive. Regulators in Nevada and MA are also probing the allegations against Wynn. The fate of the two new hotels he's proposed for Las Vegas may face scrutiny.
Wynn Resorts, Limited (Wynn Resorts) is a developer, owner and operator of destination casino resorts that integrate accommodations and a range of amenities, including dining outlets, retail offerings, entertainment theaters and meeting complexes. Shares of Wynn Macau, which were suspended from trading on Wednesday pending the management reshuffle announcement, will resume trading on Thursday.
The Chinese territory is particularly significant for Wynn Resorts, accounting for the large majority of its revenue and profits.
Last month, Wynn also resigned as the Republican National Committee's finance chairman. It's said the magnate still faces investigations by gambling regulators in Nevada and MA.
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Wynn's decision removes some overhang from the stock, which has lost almost a fifth of its value since January 26 when reports of the allegations first surfaced, analysts said. The speculation surrounding whether Wynn [Resorts] will survive on its own without Steve Wynn's leadership or whether the company could be acquired will certainly grow.
"I have reached the conclusion I can not continue to be effective in my current roles", Wynn said in a statement, announcing his resignation as chairman and chief executive.
Wynn's resignation as chairman and CEO of Wynn Resorts was effective immediately, the Associated Press reported late Wednesday night. "In order for Wynn Resorts to be suitable to run the casino in Everett, the company must separate itself from every single person involved in covering up Steve Wynn's awful behavior and Wynn must give up his significant stake in the business".
Nevada law says donor contributions from individuals and organizations to university foundations are not required to be publicly disclosed. The company had revenue of $1.69 billion during the quarter, compared to analysts' expectations of $1.56 billion. That case is expected to go to trial in April.
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.
While Wynn's personality has been integral to the branding of his resorts, it has also involved his company in lengthy court battles, namely with Japanese gambling tycoon Kazuo Okada, who provided financial backing for the launch of Wynn Resorts, and Elaine Wynn, his ex-wife and Wynn Resorts' co-founder.
As mentioned above, recent times have been tough of Wynn Resorts as allegations of sexual misconduct against the CEO of the company started to surface.