Wynn Resorts founder Steve Wynn steps down as CEO, chairman

Steve Wynn Chairman and CEO of Wynn Resorts

Steve Wynn Chairman and CEO of Wynn Resorts

He added, "The succession plan laid out by the board of directors and, which I wholeheartedly endorse, now places Matt Maddox in the CEO seat". Maddox worked at Caesars Entertainment and as an investment banker before joining Wynn. Wynn, 76, has denied the accusations of misconduct, which drew widespread attention last month after an investigative report by The Wall Street Journal detailed numerous allegations against him, reports CNN. They include dozens from current and former employees that, if true, would appear to outline a pattern of misconduct that stretches back decades. The woman told co-workers about the episode at the time and filed a human resources report. Kerkorian then created MGM Mirage and Wynn went on to create Wynn Resorts with his ex-wife in 2002. A few days later, the University of Pennsylvania revoked his honorary degree and removed his name from a campus plaza and scholarship.

Wynn Resorts, Limited (NASDAQ:WYNN) announced a quarterly dividend on Monday, January 22nd, RTT News reports.

Wynn's resignation may not be enough to satisfy regulators in Macau, since the gaming law's suitability clause applies to major shareholders as well as executives and directors, according to Wang Changbin, director of the Gaming Teaching & Research Center at Macao Polytechnic Institute.

"I want to thank all of the employees who have made Wynn Resorts the most admired resort company in the world, and for the support I have received from them in recent weeks".

Macau's casino regulator, the Gaming Inspection and Coordination Bureau said in a Wednesday statement it acknowledged Mr Wynn's departure from the Macau units.

"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. Maurice Wooden, the president of Wynn Las Vegas, is to join the Wynn Macau board. Does it change your mind about visiting a Wynn casino? He parlayed that money into an investment in the Golden Nugget Casino. 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.

Wynn fought off a series of regulatory inquiries and investigations over the years, principally concerning any organised crime connections. Wynn Resorts generated $683 million in operating profit from its Macau operations last year, more than double the $285.7 million figure for 2016 with the benefit of a full year of Wynn Palace operations. Morgan Stanley reissued a "hold" rating and set a $151.00 price objective (down previously from $158.00) on shares of Wynn Resorts in a research note on Thursday, October 12th. The business had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.56 billion.

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