Steve Wynn steps down as CEO of casino company

Wynn Resorts CEO resigns amidst sexual abuse allegations

Wynn Resorts CEO resigns amidst sexual abuse allegations

MA gaming regulators, who concluded that Wynn met suitability standards, have since the Wall Street Journal report said the company and its namesake Wynn failed to disclose to investigators in 2013 that Wynn privately paid out a $7.5 million settlement to resolve sexual harassment allegations. He added that the reports had created an environment "in which the rush to judgment takes precedent over everything else, including the facts". "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 Resorts has a 52-week low of $92.67 and a 52-week high of $203.63. The company said in a recent securities filing that if its visionary founder left the company, "our business may be significantly impaired".

The Sanford Bernstein team also wrote: "The overhang of both Steve Wynn's holdings in Wynn Resorts (12 percent of the shares) and Ms [Elaine] Wynn's (9 percent) will concern some investors".

But the allegations against him made his position increasingly untenable.

Wynn resigned as finance chairman of the Republican National Committee a day after the allegations were published.

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The gaming commission is now leading a new probe into the sexual misconduct settlement and whether Wynn deliberately withheld it from investigators conducting the background check. That means he'll remain the single most influential shareholder at Wynn, and regulators will still have cause to examine his behavior. Citigroup upped their price objective on shares of Wynn Resorts to $161.00 and gave the company a "buy" rating in a research note on Monday, October 16th.

The stock was down about 1.5% in pre-market trading early Wednesday, according to data from FactSet.

Billionaire Steve Wynn's resignation as head of his gaming empire may alleviate concerns over the future of Wynn Macau Ltd.'s license in the world's biggest gambling hub. Wynn Resorts earned a coverage optimism score of 0.13 on Accern's scale. That means that even after his departure, he could carry a lot of influence at the company.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, February 27th. And over the past five years of reported income, his total compensation came to $111.6 million.

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Wynn Resorts' branding has been built on Wynn's reputation, dating back to his role in developing landmark Las Vegas casino hotels such as Bellagio and The Mirage, for luxury and personal attention to the fine details of design.

He first arrived in Las Vegas as a young boy with his father, Mike Wynn, an East Coast bingo parlor operator. He bought a small stake in the Frontier casino, and then took over the Golden Nugget. Wynn started an ambitious renovation and expansion project that would ultimately lead him back east to oversee the construction of the Golden Nugget in Atlantic City, New Jersey.

A full copy of the complaint filed by Las Vegas Attorneys Robert T. Eglet, Robert M. Adams and Erica D. Entsminger of Eglet Prince, is available upon request. Maurice Wooden, the president of Wynn Las Vegas, is to join the Wynn Macau board.

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