Mena Native Named Wynn Resorts CEO Following Founder's Resignation

Casino Mogul Steve Wynn Has Resigned Amid Sexual Misconduct Allegations

Shares of Wynn Resorts have shed more than 18 per cent to date after the news broke on January 26.

The Las Vegas-based Wynn Resorts in a statement said Wynn's resignation Tuesday, Feb. 6, 2018, was effective immediately.

Setti Warren, a Democratic candidate for governor, said, "Steve Wynn is not a suitable partner for MA, but it is not enough that he steps down from his public role".

The casino mogul Stephen Wynn resigned Tuesday as chairman and chief executive of his company, Wynn Resorts, in response to sexual harassment allegations spanning decades.

Wynn's company, Wynn Resorts, is responsible for resorts such as Wynn Las Vegas and Encore.

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

As Jefferies analyst David Katz said in a research note: "Elvis has left the building".

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The company has formed a special committee to investigate Wynn, which is often used as a defense against a derivative lawsuit. "As such, we do not believe the company can grow at the same trajectory nor can it maintain its cutting edge position".

Wynn is accused of coercing waitresses to have sexual relations with himself and high-stakes gamblers at his Las Vegas Mirage casino.

Now that Wynn has resigned, the board's investigation is even more urgent, said Betsy Atkins, a corporate governance expert who currently serves on the boards of Schneider Electric, HD Supply, Cognizant and Volvo. Regulators in Nevada and MA are also probing the allegations against Wynn. The company also has started work on Paradise Park, which would replace the golf course behind the Wynn Las Vegas and Encore with a 47-story hotel and 38-acre lagoon.

Before Wynn's resignation, his presence on the board presented a "major risk" for shareholders as the casino operator's license faced expiration. Gaming Commission investigators have confirmed the settlement and say Wynn kept the existence of it from them when they were conducting the original suitability review in 2013. Company president Matt Maddox is taking over as CEO and Boone Wayson as board chairman.

Wynn Resorts is now constructing Wynn Boston Harbor located in Everett, Massachusetts. A statement issued yesterday by DICJ reveals that the Secretary for Economy and Finance, Lionel Leong, and the DICJ head, Paulo Martins Chan, met separately with Linda Chen, chief operating officer of Wynn Macau, regarding the accusations of sexual misconduct involving Steve Wynn.

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.

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