Wynn Resorts Chairman Steve Wynn Steps Down

Home Gambling News Wynn Resorts Chairman Steve Wynn Steps Down

Wynn Resorts Chairman Steve Wynn Steps DownThe casino mogul Stephen Wynn resigned this week from his role as Chief Executive Officer and chairman of his own company after an investigation of a Wall Street Journal in which he is accused of sexual harassment and assault against female employees.

 

Wynn Resorts non-executive director Boone Wayson, released a statement through their official website and he says: “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.

 

“Steve Wynn is an industry giant. He played the pivotal role in transforming Las Vegas into the entertainment destination it is today. He also assembled a world-class team of executives that will continue to meet the high standards of excellence that Steve Wynn created and the Wynn brand has come to represent.”

 

The industry giant Steve Wynn before 2002 was operating as a CEO and Chair of Mirage Resorts. He continues to work and establish Wynn Resorts and make the company a multinational multi-billion-dollar enterprise with a large fortune of over $3.3bn.

 

For 2017, the company has $6.31bn net revenues, or 41.2% year on year report, compared with $4.47bn reported during the 2016 financial year.

 

After the information that Steve Wynn is former CEO, the shares in Wynn Resorts has suffered a rapid decrease in value, more than 18% more precisely.

 

However, Steve Wynn regarding his stepping down serving as a Chief Executive Officer has released a statement: “In the last couple of weeks, I have found myself the focus of an avalanche of negative publicity. 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.”

 

“The Wynn Resorts team and I have built houses of brick. Which is to say, the institution we created — a collection of the finest designers and architects ever assembled, as well as an operating philosophy now ingrained in the minds and hearts of our entire team — will remain standing for the long term. I am extremely proud of everything we have built at this company. Most of all, I am proud of our employees.”

 

Although, right after Steve Wynn’s resignation, Wynn resorts has appointed Matt Maddox who is currently President of the Company, as its CEO, and Boone Wayson as Non-Executive Chairman of the Board of Directors, starting immediately.

 

Here is an interesting review by the Massachusetts Gaming Commission which describes the new CEO Matt Maddox in detail: “Maddox has been described by his references as having a Type A personality with a tremendous work ethic. One of his references indicated that he earned his position within the Wynn organization with much hard work and dedication…He is considered by his references to be very intelligent with an even-keeled personality, unquestionable integrity, and honesty.”