Steve Wynn steps down as CEO of Wynn Resorts after misconduct allegations

Steve Wynn has stepped down as the CEO of Wynn Resorts after allegations of sexual misconduct piled pressure on the b...

Posted: Feb 7, 2018 2:15 PM
Updated: Feb 7, 2018 2:15 PM

Steve Wynn has stepped down as the CEO of Wynn Resorts after allegations of sexual misconduct piled pressure on the billionaire casino mogul and sent the company's stock tumbling.

"It is with a collective heavy heart, that the board of directors of Wynn Resorts today accepted the resignation of our founder, CEO and friend Steve Wynn," one of the directors, Boone Wayson, said in a company statement late Tuesday.

Wynn, 76, has denied the accusations of misconduct, which gained widespread attention in late January after an investigative report by The Wall Street Journal detailed numerous allegations against him, citing dozens of sources.

"In the last couple of weeks, I have found myself the focus of an avalanche of negative publicity," Wynn said in a statement. "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."

Related: Steve Wynn allegations punish his company's stock

Wynn Resorts said it has appointed Matt Maddox, who currently serves as the company's president, as its new CEO effective immediately. Wayson will take over as chairman.

Losing Wynn is a heavy blow for the global gambling empire he built and that bears his name.

He said he was stepping down from "a company I founded and that I love."

Analysts have expressed concern about how Wynn's businesses in Las Vegas and the Chinese territory of Macau would operate without him at the helm.

"Mr. Wynn is the Wynn," analysts at investment firm Bernstein wrote in a note to clients last month. "Without him, the Wynn Resorts ... is a different operation."

Related: Nevada gaming board is investigating Steve Wynn allegations

But the allegations against him made his position increasingly untenable.

He already resigned as finance chairman for the Republican National Committee shortly after the Journal story came out. And the Wynn Resorts board formed a special committee to investigate the allegations.

The accusations against him have also drawn scrutiny from gambling regulators in Nevada, Massachusetts and Macau.

The Chinese territory is particularly significant for Wynn Resorts, accounting for the large majority of its revenue and profits.

Investors have become increasingly concerned about the situation, driving down the company's stock. Wynn Resorts shares have plunged more than 18% since news of the allegations broke.

Related: Steve Wynn remade Vegas, but China is where he makes the real money

Wynn has been a major figure in the gambling world for decades.

The mogul is credited with being the person who transformed Las Vegas casinos from gambling dens into entertainment hubs where guests could watch spectacular shows and eat in high-end restaurants.

Wynn first entered the world of gambling when he took over his father's bingo parlors in Maryland. He moved to Las Vegas in 1967 with a stake in the Frontier Hotel, followed by a short stint as the owner of a wine and liquor distributor, Wynn said in a 2014 interview with the Hoover Institution's Peter Robinson.

Things picked up when Wynn scored a lucrative land deal via business mogul Howard Hughes. He parlayed that money into an investment in the Golden Nugget Casino.

Wynn's success in transforming the Golden Nugget into an elegant destination led to a string of new projects, each one increasingly opulent.

"Wynn is known for setting a standard -- very luxurious facilities that really set the bar for the industry very high," said Clyde Barrow, a professor at the University of Texas, Rio Grande Valley, who specializes in gambling policy.

The Mirage, Wynn's first major casino on the Vegas Strip, opened in 1989. He then opened Treasure Island in 1993, and the Bellagio in 1998.

In 2006, he opened his first casino in Macau, where gambling revenues now dwarf those of Las Vegas. An even bigger one, Wynn Palace, followed 10 years later.

-- Julia Horowitz contributed to this report.

Indiana Coronavirus Cases

Data is updated nightly.

Cases: 660942

Reported Deaths: 12556
CountyCasesDeaths
Marion905601638
Lake48352874
Allen35762635
Hamilton32026396
St. Joseph29865511
Elkhart25350414
Vanderburgh21225377
Tippecanoe19977200
Johnson16319356
Porter15938269
Hendricks15801300
Clark11928180
Madison11730316
Vigo11578229
Monroe10312161
Delaware9830179
LaPorte9755196
Howard9047196
Kosciusko8549109
Bartholomew7440147
Warrick7403150
Hancock7394130
Floyd7189169
Wayne6630191
Grant6422157
Morgan6075125
Boone607288
Dubois5895111
Dearborn546866
Cass543399
Henry541793
Marshall5417104
Noble508578
Jackson464366
Shelby460190
Lawrence4179111
Gibson400881
Harrison398763
Clinton395053
Montgomery386283
DeKalb384678
Miami356763
Knox356485
Whitley348936
Huntington342376
Steuben337855
Wabash330876
Putnam329459
Ripley326861
Adams322549
Jasper315443
White297252
Jefferson294473
Daviess285396
Fayette271456
Decatur270488
Greene261280
Posey260531
Wells257674
Scott249950
Clay240844
LaGrange240770
Randolph225576
Spencer217030
Jennings214744
Washington210427
Sullivan203139
Fountain201142
Starke187951
Owen181953
Fulton178237
Jay177628
Carroll176418
Perry173235
Orange171150
Rush164322
Vermillion160242
Franklin159335
Tipton146141
Parke138815
Pike127432
Blackford120627
Pulaski106444
Newton96531
Brown94939
Benton91813
Crawford90313
Martin80014
Warren75513
Switzerland7537
Union67110
Ohio53211
Unassigned0431

Ohio Coronavirus Cases

Data is updated nightly.

Cases: 966154

Reported Deaths: 17237
CountyCasesDeaths
Franklin1116881202
Cuyahoga953321735
Hamilton73102963
Montgomery47187886
Summit40041955
Butler35377468
Lucas35149761
Stark29267838
Warren22334274
Lorain21938389
Mahoning19373541
Lake18335305
Clermont18304210
Delaware16385135
Licking14923200
Fairfield14476157
Trumbull14270461
Greene13536213
Medina13327218
Clark12210335
Wood11481193
Portage10958159
Allen10761235
Richland10236205
Miami9999189
Muskingum8139129
Columbiana8094182
Pickaway8022101
Tuscarawas8012235
Marion7973137
Wayne7843219
Erie6852184
Ross6114136
Geauga6036128
Hancock5973112
Ashtabula5928144
Scioto5911104
Lawrence522474
Union509752
Darke5021124
Belmont490189
Huron4776117
Jefferson4770108
Sandusky475595
Seneca4648103
Athens461232
Washington459387
Mercer4581101
Auglaize454898
Shelby440769
Knox400586
Putnam3982101
Madison391447
Ashland378395
Fulton377564
Defiance3706102
Brown368842
Crawford356196
Logan352959
Preble352471
Clinton339364
Highland326855
Ottawa322367
Williams301477
Jackson288556
Guernsey285734
Champaign285146
Fayette267644
Perry267143
Morrow258925
Henry245465
Hardin243656
Holmes2430104
Coshocton233847
Van Wert228849
Gallia221346
Adams215432
Pike214428
Wyandot209053
Hocking193449
Carroll180228
Paulding159623
Meigs134637
Noble128442
Monroe116036
Morgan100534
Harrison100132
Vinton76615
Unassigned00
Fort Wayne
Partly Cloudy
61° wxIcon
Hi: 63° Lo: 38°
Feels Like: 61°
Angola
Partly Cloudy
59° wxIcon
Hi: 59° Lo: 36°
Feels Like: 59°
Huntington
Partly Cloudy
61° wxIcon
Hi: 62° Lo: 39°
Feels Like: 61°
Fort Wayne
Partly Cloudy
61° wxIcon
Hi: 61° Lo: 38°
Feels Like: 61°
Lima
Partly Cloudy
59° wxIcon
Hi: 62° Lo: 37°
Feels Like: 59°
Scattered Rain Sunday
WFFT Radar
WFFT Temperatures
WFFT National

Community Events