Steve Wynn steps down as boss of Wynn Resorts Limited

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The announcement from Wynn Resorts, Limited notes that Steve Wynn is leaving both his CEO and Chairman of the Board of Directors roles. In a recent securities filing citing possible risks to the business, the Company claimed, "If we lost the services of Mr. Wynn, or he is unable to devote sufficient attention to our operation for any reason, our business may be significantly impaired". 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. Most of all, I am proud of our employees.

Initially telling MNA that Wynn Macau's Executive Director, Linda Chen, would have been a candidate who suited those requirements, Mr. He is a philanthropist and a beloved leader and visionary.

"The skyline of Las Vegas is Steve Wynn", said William Thompson, a professor emeritus of public administration at the University of Nevada, Las Vegas, and a longtime observer of the casino business.

Then on January 26, the Wall Street Journal reported that the payment involved allegations that the executive had forced himself upon a company manicurist and that the incident fit a pattern of Wynn pressuring employees to have sex with him.

If he maintains enough stock in the company that bears his name, Wynn could still have an impact on the suitability review underway of Wynn Resorts' casino license.

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The investigation was sparked when a lawsuit by Wynn's ex-wife included information that Wynn paid a manicurist a $7.5 million settlement after he allegedly demanded they have sex in his office in 2005.

Wynn is also facing investigations by gambling regulators in Nevada and MA, where the company is building a $2.4 billion casino near Boston. The suit seeks redress from the injury and losses sustained by the company as a result of Wynn's actions. "Therefore, effective immediately, I have chose to step down as CEO and Chairman of the Board of Wynn Resorts, a company I founded and that I love".

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

Wynn also notably acted as finance chairman for the Republican National Committee, a position he vacated last week in light of the accusations. The $2.4 billion resort casino is slated to open in June 2019. The scandal - which has drawn scrutiny from regulators in the USA and Macau - complicated Wynn's status in the former Portuguese enclave that generates the bulk of Las Vegas-based Wynn Resorts' profits.

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