Steve Wynn Steps Down As Resorts Head

Billionaire casino mogul Steve Wynn resigns from Wynn Resorts amid sexual misconduct scandal

Billionaire casino mogul Steve Wynn resigns from Wynn Resorts amid sexual misconduct scandal

Wynn Resorts without Wynn: What Does it Mean?

Wynn repeatedly denied the accusations, but resigned as the chairman for the Republican National Committee shortly after his alleged misdeeds came to light.

"We'll have to determine the facts of ongoing suitability for Wynn, individual qualifiers", said Ed Bedrosian, executive director of the gaming commission. Wynn later agreed to pay the woman a $7.5 million settlement after she filed a report, the Journal reported. Wynn has denied any wrongdoing, calling the allegations "preposterous".

Wynn built and operated several of the most prominent and well known casinos on the Las Vegas Strip, including the Mirage, Treasure Island and the Bellagio.

Rick Velotta, welcome to the NewsHour.

Macau's Gaming Inspection and Coordination Bureau also said in a statement that its director, Paulo Martins Chan, and the city's financial and economic secretary, Lionel Leong, met last week with Wynn Macau Executive Director Linda Chen to request a detailed explanation of the allegations and demand Wynn notify it of any "result, progress or important information" from the investigation within an unspecified time frame.

Maddox, 42, moved to the Chinese-controlled territory of Macau soon after Wynn Resorts secured its concession there.

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The company, dubbed Entity Y, was separate from Wynn Resorts Ltd., The Wall Street Journal reported, citing public records.

"While the exit of Wynn's founder and visionary could leave an irreplaceable void, the news could help to assuage some regulatory overhang related to ongoing reviews of Wynn's gaming licenses in domestic and worldwide jurisdictions", said research firm CFRA. 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 can not continue to be effective in my current roles.

Wynn Macau's shares were suspended on Wednesday following his resignation.

Steve Wynn is out at Wynn Resorts, but the company he founded and its board of directors are still under scrutiny.

Wynn Resorts operates five properties in Las Vegas and Macau, and is developing a $2.4 billion casino now under construction near Boston.

Wynn and the company's nine remaining board members were hit with a shareholder lawsuit on Tuesday afternoon.

Las Vegas-headquartered Wynn Resorts Limited moreover reportedly revealed that Wynn's position is to be filled by Matt Maddox, who has served as its President since 2013 after joining its ranks eleven years earlier from what is now Caesars Entertainment Corporation. The newspaper spoke to one former server who said she felt Wynn forced her to have sex with her to keep her job.

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