Facing Misconduct Allegations, Steve Wynn Resigns As CEO Of Wynn Resorts

Facing Misconduct Allegations, Steve Wynn Resigns As CEO Of Wynn Resorts

Steve Wynn has been replaced as chairman and chief executive of Wynn Macau Ltd. (1128.HK), his casino empire's biggest money-spinner, following his earlier resignation from the company's US parent.

The $2.4 billion Everett casino is set to be completed in 2019.

Wynn is also facing investigations by gambling regulators in Nevada and MA, where the company is building a $2.4 billion casino near Boston.

Steve Wynn, Chairman and CEO of Wynn Resorts, speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 3, 2017.

'Therefore, effective immediately, I have chose to step down as CEO and Chairman of the Board of Wynn Resorts, a company I founded and that I love.

Wynn explained that the accusations have created an atmosphere of distrust at the company in which "a rush to judgment takes precedence over everything else, including the facts".

Wynn stepped down as Republican National Committee finance chairman on January 27, in the wake of the Wall Street Journal story.

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.

In 2010, the company opened Encore at Wynn Macau, adjacent to and integrated with its first property.

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"There were no court documents filed that could have been identified in the course of the investigations", Wells said. He is a philanthropist and a beloved leader and visionary. "He played the pivotal role in transforming Las Vegas into the entertainment destination it is today", the board said.

Wynn resigned as CEO and chairman of the board, and details of his separation agreement will be released when finalized, according to a statement from Wynn Resorts.

"Wynn Resorts remains as committed as ever to upholding the highest standards and being an inclusive and supportive employer", the company said.

One of Las Vegas' most iconic businessmen is walking away amid a public relations firestorm.

Macau's casino regulator, the Gaming Inspection and Coordination Bureau said in a Wednesday statement it acknowledged Mr Wynn's departure from the Macau units.

Gov. Charlie Baker and one of the Democrats running for governor this year responded to the overnight news.

The board of directors for Wynn Resorts announced it had accepted his resignation.

Bloomberg Intelligence's Margaret Huang argues that the perception of the Wynn name for most people in Asia is tied to the upscale property and product, and less so to Steve Wynn as a figure.

"We believe that short-term [stock] overhang is eased as any possible negative news flow and investigation in Steve Wynn would no longer affect Wynn Macau", Credit Suisse analysts Kenneth Fong and Lok Kan Chan wrote.

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