It’s fair to say that former Wynn Resorts CEO, Steve Wynn, has had a dismal 2017 by anyone’s standards. It came as a surprise that he was named as one of the highest paid executive officers in 2017. According to Associated Press, Wynn was paid a staggering CA$44.88 million last year in cash and stock, which sees him top the list of highest-paid CEOs in Nevada. Earlier this year, the disgraced billionaire resigned from his position – a role he occupied for over 15 years after founding the casino resort in 2002.
Steve Wynn Combined Losses in 2017
Last year, Wynn was embroiled in several misconduct and sexual harassment claims from female employees. The American businessman was compelled to sell his entire stake in Wynn Resorts in March after the company lost CA$535.9 million in value. The Massachusetts Gaming Commission (MGC) had to intervene in order to sever ties between Steve Wynn and his former casino company. It is justified that he was the anchor that was dragging the company down as Wynn Resort recovered its stock price after his resignation.
Steve Wynn Still Under Investigation
An ongoing investigation is still underway into allegations against Steve Wynn and whether the Wynn Resorts board members knew about his misconduct. The MGC is overseeing the investigation into a CA$9.7 million settlement payment made to a manicurist after she claimed that she was forced to have sex with Wynn.
Wynn remains defiant, arguing that he is not guilty of any wrongdoing. The investigation is sure to have adverse effects on the overall profits of Wynn Resort the longer it drags on. The Wynn brand has since been tarnished by such allegations and has even resulted in the renaming of a Wynn Resort casino investment to Encore Boston Harbor. Keep the dial locked on Maplecasino.ca for the latest Canadian gambling news.