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Steve Wynn Resigns From Company Amid Sexual Misconduct Allegations

09 February 2018

"It is with a collective heavy heart, that the board of directors of Wynn Resorts today accepted the resignation of our founder, CEO and friend Steve Wynn", the board's non-executive director, Boone Wayson, said in a statement.

"If Steve Wynn is considered not suitable, according to the law he should give up his shares", Wang said.

"He is a philanthropist and a beloved leader and visionary", read the Tuesday statement from Wayson.

Steve Wynn helped turn Las Vegas into the multibillion-dollar tourist mecca it is today.

Bloomberg Intelligence's Margaret Huang argues that the perception of the Wynn name for most people in Asia is tied to the upscale property and product, and less so to Steve Wynn as a figure. He transformed the city into an economic powerhouse by making it a world-wide tourist destination.

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Wynn, who developed The Mirage, Treasure Island (now TI) and the Bellagio before launching Wynn Resorts, built the Wynn Las Vegas and Encore through his namesake company.

Entity Y was created in 2005, after the accusations, exclusively for the objective of handling the settlement funds, the newspaper reported, citing the court transcript of a Wynn Resorts lawyer's comments to a judge in an October hearing stemming from Wynn's legal battle with his ex-wife.

But the Credit Suisse team highlighted uncertainties around Mr Wynn departure from the Macau units, namely the "stability of existing management", the "strength of Wynn Macau's relationship with the Chinese/Macau government", the "strategic direction of the overall company" and the "development of Wynn Palace phase 2".

Wynn Resorts remains as committed as ever to upholding the highest standards and being an inclusive and supportive employer.

The Nevada Gaming Control Board said in a statement Wednesday that it plans to "continue with its investigation".

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The Las Vegas-based Wynn Resorts in a statement said Wynn's resignation Tuesday, Feb. 6, 2018, was effective immediately. "I have reached the conclusion I can not continue to be effective in my current roles", he said in a statement.

Wynn may be required to divest his shares in Wynn Resorts due to the jurisdictional review process, said Bonnet. The company is worth around US$17 billion by market capitalisation. Most of all, I am proud of our employees.

'The succession plan laid out by the Board of Directors and which I wholeheartedly endorse now places Matt Maddox in the CEO seat.

According to the filing, the same senior executives who will take up the mantle at Wynn Resorts, namely Allan Zeman and Matthew Maddox, will also step into Wynn's former roles at Wynn Macau.

Last week, the gaming commission reopened its suitability review of Wynn, amid a report detailing decades of sexual misconduct.

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Steve Wynn Resigns From Company Amid Sexual Misconduct Allegations