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Wynn Resorts Chairman Steve Wynn Steps Down

Home Gambling News Wynn Resorts Chairman Steve Wynn Steps Down

Wynn Resorts Chairman Steve Wynn Steps Down

STEVE WYNN STEPS DOWN

Stephen Wynn, the casino mogul, resigned from his role as Chief Executive Officer and chairman of his own company Wynn Resorts following an investigation following accusations in sexual harassment of his female employees. The statement at the official website read that the resignation of the founder was accepted by the board of directors with a heavy heart. The statement referred to Steve Wynn as an “industry giant” that played a key role in turning Las Vegas into a world famous gambling destination over the years. He’s also praised on putting together an excellent team of executives that will keep upholding the highest standards that the brand now represents.

 

Before 2002 Steve Wynn was CEO and Chair of Mirage Resorts, founding Wynn Resorts and eventually turning the company into a multinational enterprise with a fortune of 3.3 billion. The net revenues for 2017 were reported at $6.31 billion, which showed a 41.2% increase compared to $4.47 billion in 2016.

 

The shares of Wynn Resorts have lost 18% in value following the announcement of the step-down. Commenting on his stepping down, Steve Wynn pointed out that, due to the avalanche of negative publicity, he reached a conclusion he was no longer effective in his current role. He also stated that he had created an institution with a team of finest designers and architects, with operating philosophy ingrained in the hearts and minds of everyone employed by the company, expressing his confidence in the fact the company will stand for years to come. He also said he was particularly proud of the company’s employees.

 

Immediately following Wynn’s resignation, the board of directors appointed Matt Maddox, formerly President of the Company, as CEO. The Massachusetts Gaming Commission had a lot to say about the new appointee, stating that, according to his references, he has a type A personality, incredible work ethic, even-keeled personality, honesty and integrity. His new position at the Wynn Resorts was won by hard work and dedication.