But now Wynn Resorts Ltd. will have to get used to life without Steve Wynn as CEO. Wynn Resorts (NASDAQ:WYNN) reported that the following statements regarding Chairman and CEO Steve Wynn: The Board of Directors of Wynn Resorts reluctantly reported that it accepted the resignation of Steve Wynn as CEO and Chairman of the Board of Directors. And the Wynn Resorts board formed a special committee to investigate the allegations. Investors are likely assuming Wynn's resignation from the company which bears his name indicates the first step to rectify any wrongdoings and move forward.
In other Wynn Resorts news, President Matt Maddox sold 59,260 shares of the firm's stock in a transaction on Monday, November 13th.
The company's board of directors named the 42-year-old Maddox CEO late Tuesday following Wynn's resignation.
Wynn continues to deny the allegations, but said in a statement that he is stepping down from his company because of the "avalanche of negative publicity". Mr Kim said Wynn Macau shares had lost almost 17 percent of their value in the course of seven trading days subsequent to detailed news of the misconduct allegations. WYNN stock had fallen roughly 18% as of Tuesday since the accusations were made. Shares of the casino and resort operator fell almost 19% in the immediate aftermath of the WSJ report, and even with today's gains, the stock is more than 11% off its 52-week high.
As of this writing, William White did not hold a position in any of the aforementioned securities. "Most importantly, I want everyone to continue to be proud of this company and the many unique ways it will forever continue to delight guests".
Wynn Resorts operates five properties in Las Vegas and Macau, and is developing a $2.4 billion casino now under construction near Boston.
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Wynn became one of the central figures in the hiatus surrounding sexual harassment that has dominated the press in recent months after a Wall Street Journal investigation in particular.
Investigators with the commission have been reviewing Wynn's suitability for holding a gaming license in MA.
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.
Two years later, he founded Wynn Resorts, which now operates two luxurious casino-resorts in the city and is in the process of building a lake and hotel development called Paradise Park on the site of a former golf course. "We believe it is important to highlight the strong, tenured management team Mr. Wynn leaves behind", said Praveen Choudhary, a Morgan Stanley analyst, in a note to Reuters.
Setti Warren, a Democratic candidate for governor, said, "Steve Wynn is not a suitable partner for MA, but it is not enough that he steps down from his public role".