Steve Wynn has Announced his Resignation as CEO

Amid widespread allegations from former employees of Wynn Resorts, Steve Wynn has tendered his resignation for his position of Chief Executive Officer. The 76 year old casino magnate made the announcement this week to various media outlets. His move follows a damaging story by the Wall Street Journal on 26 January about Wynn’s alleged misconduct. Until an investigation is finalised formally, these remain accusations.

Steve Wynn is the owner and founder of Wynn Resorts Limited, which has been making headlines in the casino industry for other reasons. As one of the most successful gaming firms in North America, they have six casino properties around the globe. What’s more, three properties are currently being developed in Las Vegas and Boston.

Steve Wynn Leaves Company - CA News

Steve Wynn Accused of Harassment

Part of the report in the Wall Street Journal accused Steve Wynn of sexual misconduct spanning decades. One employee, a manicurist, accused Wynn of forcing her to sleep with him. Her story is the first of many in the report from employees within the company. Wynn Resorts executives claim that no charges were brought forward within the company against Wynn.

Wynn claimed that ‘an avalanche of negative publicity’ about the allegations influenced his decision. He has also denied claims made by the Wall Street Journal and called them ‘preposterous.’ In the meantime, Matt Maddox will be taking his place as CEO.

Further Problems for Wynn Resorts

Following Steve Wynn’s resignation, a shareholder lawsuit was filed in Massachusetts. Included in the lawsuit are claims that the Wynn Resorts board of directors knew about Steve Wynn’s misconduct. However, there are conflicting reports about this lawsuit at the moment. Either way, it’s not looking good for Steve Wynn and the board of directors.

Additionally, three gaming regulators have opened their own investigations into the allegations. Regulators in Nevada, Massachusetts and Macau are conducting investigations at the moment.

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