The Board of Wynn Resorts Needs to Go, Too

Wynn Resorts CEO resigns amidst sexual abuse allegations

Wynn Resorts CEO resigns amidst sexual abuse allegations

The announcement from Wynn Resorts, Limited notes that Steve Wynn is leaving both his CEO and Chairman of the Board of Directors roles.

Steve Wynn, the billionaire US gaming tycoon, has stepped down from his namesake casino resort empire following allegations of sexual misconduct, opening questions about its future prospects in Macau and Japan. The complaint also alleges breaches of fiduciary duty by the Company's Board of Directors in turning a blind eye and disregarding a sustained pattern of sexual harassment and egregious misconduct by Mr. Wynn. Tightening the gaze, stock performance for the last 5 trading days is -4.77%. The shares will be available to the market again from tomorrow.

Wynn Resorts, Limited (NASDAQ:WYNN) [Trend Analysis] retains strong position in active trade, as shares scoring 8.23% to $176.65 in active trade session, while looking at the shares volume, around 9.77 Million shares have changed hands in this session.

In a statement Tuesday night, Wynn Resorts said the company "will continue to fully focus" on its casino operations in Las Vegas and Macau, "as well as the construction of Wynn Boston Harbor, which will open in June 2019".

At Wynn Resorts, company President Matt Maddox has replaced Wynn.

Still, Maddox has big shoes to fill.

McDaniel has yet to say whether being forced to resign from his own company is enough to convince the RNC to give back Wynn's donations.

The Chinese territory is particularly significant for Wynn Resorts, accounting for the large majority of its revenue and profits.

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Gaming Commission Chairman Steve Crosby said last week that those working in Everett to build the casino should "feel fine" carrying on with their jobs.

The gaming regulator's release mentioned a meeting between it, Macau's Secretary for Economy and Finance Lionel Leong Vai Tac, and Linda Chen.

All regulators have announced probes into the allegations and even if Wynn were to sell shares, authorities could still well scrutinize his involvement with the company, said Choudhary.

Macau's gaming law stipulates that the reputation of the operator and its controlling shareholder is considered in the bidding process for licenses.

"In China, investors might not be as sensitive to this news as those in the U.S., so it still needs to wait and see how much of an impact this will have on Wynn Macau".

Wynn's mark on Las Vegas is indelible.

As the "MeToo" movement galvanizes women to publicly air their experiences, Wynn's decision represents a rare resignation by a head of a major listed company in the wake of such accusations.

"We remain optimistic about Wynn Macau's ability to secure mass-market share in Macau". At the top of the list is whether regulators from Macau to MA will still pursue investigations into the company and the harassment allegations against Wynn. Wynn Macau Ltd now operates two lavish casinos in the casino hub and the unit accounts for more than 70 percent of Wynn Resorts' revenue.

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