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Facing sexual misconduct allegations, Steve Wynn resigns as chief of casino company he founded

By in Press Enterprise on February 7, 2018

By The Associated Press

LAS VEGAS — Casino mogul Steve Wynn resigned Tuesday as chairman and CEO of Wynn Resorts amid sexual misconduct allegations.

The Las Vegas-based company in a statement said Wynn’s resignation was effective immediately. It came less than two weeks after the Wall Street Journal reported that a number of women said Wynn harassed or assaulted them and that one case led to a $7.5 million settlement.

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

The billionaire has vehemently denied the report’s allegations, which he attributes to a campaign led by his ex-wife.

Wynn now faces investigations by gambling regulators in Nevada and Massachusetts, where the company is building a roughly $2.4 billion casino just outside Boston. The company earlier said a committee of independent directors would investigate the allegations that surfaced Jan. 26.

Ahead of the announcement, shares of Wynn Resorts’ China arm, Wynn Macau Ltd., were suspended from trading on the Hong Kong stock exchange on Wednesday morning in Asia.

Gambling regulators in Macau, the world’s biggest casino market, said last week they were concerned about the reports and had met with executives of Wynn Macau to get more information and the company said it would cooperate with any requests. Wynn Macau operates two casino-resorts in Macau, which is the company’s biggest source of profits.

A wave of sexual misconduct claims against prominent figures in entertainment, media and politics gained momentum last fall in the aftermath of articles detailing movie producer Harvey Weinstein’s decades of alleged rape […]    

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