Steve Wynn Resigns as Wynn Resort CEO

Steve Wynn has resigned from his position as CEO of Wynn Resort, with his dramatic decision coming as a direct result of the numerous sexual allegation claims that have been made against the 76 year-old casino mogul. The slew of bad publicity surrounding the case also caused the company’s stock to drop by around 19% at one stage, and announcing his “effective immediately” decision yesterday, Steve Wynn stated:
“As I have reflected upon the environment this has created – one in which a rush to judgment takes precedence over everything else, including the facts – I have reached the conclusion I cannot continue to be effective in my current roles.”
In the meantime, taking up Wynn’s previous role as CEO is the company’s current president Matt Maddox, who together with other members of board voiced their support for the Wynn founder who continues to maintain his innocence in the matter. Calling the avalanche of accusations made against him as “preposterous”, Wynn criticized a culture where allegations are made against public figures “regardless of the truth”, who are then forced to either weather the insults or engage in multi-year lawsuits.
Furthermore, Wynn also suggested that his ex-wife Elaine Wynn may have had a hand in helping to drum up some of the bad publicity against him as she seeks to wrestle away some of the 12% in shares he owns as part of her divorce settlement. Nevertheless, Elaine Wynn has thus far refused to respond to the accusations, while her attorney has dismissed any suggestion that the allegation made against her were true.
Steve Wynn’s resignation comes at a time when the Massachusetts Gaming commission (MGC) indicated that it was currently reviewing the license it had previously granted Wynn Resort to build a $2.4 billion casino in the state. As part of its mandate, the MGC requires casino directors and CEOs applying for state licenses to adhere to a strict set of conduct rules based upon a high standard of character, reputation, and integrity. If found wanting, Wynn Resort stands the risk of having its application revoked to build the Wynn Boston Harbor Resort.
News of the allegations made against Steve Wynn first broke at the end of last month after the Wall Street Journal printed a story citing dozens of sexual assault claims against the billionaire.