Wynn Resorts Board Gets Scrutiny After Steve Wynn's Resignation

Emmett Rice
February 8, 2018

By accepting Steve Wynn's resignation, and sending the message that no one is above reproach, including their CEO, Wynn Resorts has taken a positive first step to demonstrate their commitment to addressing and eradicating sexual harassment and misconduct within their organization.

The Wynn Resorts board of directors announced company president Matt Maddox as new CEO with immediate effect.

Wynn's resignation may not be enough to satisfy regulators in Macau, according to Wang Changbin, director of the gaming teaching and research centre at Macao Polytechnic Institute, since the gaming law's suitability clause applies to major shareholders as well as executives and directors.

The Norfolk County Retirement System, an employee retirement plan located in MA and stockholder of Wynn Resorts during the time of the allegations, filed the lawsuit Wednesday in Nevada.

In a statement, Wynn said he has become "the focus of an avalanche of negative publicity".

Amid allegations of sexual misconduct, Palm Beach property owner Steve Wynn resigned Tuesday as chairman and CEO from Wynn Resorts, the Las Vegas-based casino and hotel company he founded. WYNN stock had fallen roughly 18% as of Tuesday since the accusations were made.

Wynn stepped down as the finance chairman on the Republican National Committee last month after the allegations surfaced.

Shares of Wynn Resorts stock about fell 10 percent on the day the Journal reported the allegations and 9 percent the next trading day.

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

Wynn Resorts, Limited (NASDAQ:WYNN) [Trend Analysis] retains strong position in active trade, as shares scoring 8.23% to $176.65 in active trade session, while looking at the shares volume, around 9.77 Million shares have changed hands in this session.

Wynn has called the allegations "preposterous", and attributes them to his ex-wife as part of their legal battle, the newspaper noted.

We don't know if Steve Wynn will be able to keep his stake in the company, which would mean he'd need to keep a gaming license, but in the next few weeks we'll get details of arrangements surrounding his departure. He designed, built and operated the most iconic resorts on the Las Vegas strip, beginning with the Mirage, then Treasure Island, the Bellagio, Wynn Las Vegas and Encore at Wynn Las Vegas.

The publication of the sexual misconduct allegations has led the Massachusetts Gaming Commission to open an investigation into Wynn Resorts.

Wynn Resorts released the following statements today regarding Chairman and CEO Steve Wynn. Wynn Resorts has formed a special committee consisting exclusively of independent directors to investigate the claims.

"Steve Wynn is an industry giant".

Other reports by Free-Prsite

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