Steve Wynn Steps Down As Wynn Resorts CEO

Wynn Resorts CEO resigns amidst sexual abuse allegations

Steve Wynn steps down as CEO of casino company

Las Vegas-headquartered Wynn Resorts Limited moreover reportedly revealed that Wynn's position is to be filled by Matt Maddox, who has served as its President since 2013 after joining its ranks eleven years earlier from what is now Caesars Entertainment Corporation.

Wynn Resorts founder Steve Wynn resigned as chairman and chief executive on Tuesday, days after an explosive report that detailed decades of his alleged sexual misconduct against employees.

Wynn and Encore Las Vegas feature two luxury hotel towers with a total of 4,750 spacious hotel rooms, suites and villas, approximately 192,000 square feet of casino space, 21 dining experiences featuring signature chefs and 11 bars, two award-winning spas, approximately 290,000 square feet of meeting and convention space, approximately 103,000 square feet of retail space as well as three nightclubs, a beach club and recreation and leisure facilities.

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.

"Macau's regulator has emphasized it needs to make sure if the key persons of casino operators are suitable", said David Bonnet, partner at Delta State Holdings Ltd.

"In the last couple of weeks, I have found myself the focus of an avalanche of negative publicity", Wynn said in a statement.

Terms of Wynn's separation agreement were not disclosed.

The Wynn Palace casino resort in Macau.

In announcing Wynn's resignation, the company's board of directors made clear it had done so "reluctantly".

Mr. Wynn has said it was "preposterous" that he would assault a woman.

Although Wynn has called the allegations "preposterous", he announced his departure from the company late Wednesday, saying that "I have reached the conclusion I can not continue to be effective in my current roles".

"If Steve Wynn is considered not suitable, according to the law he should give up his shares", Wang said. That case is expected to go to trial in April.

Wynn, 76, who has denied the accusations, stepped down as CEO on Tuesday. The company's shared jumped $12.25, or 7.5 percent, to $175.47 on Wednesday afternoon following Wynn's resignation. Also, his behaviour will be observed by regulators.

According to Grant Govertsen, Managing Director of investment bank and advisory firm Union Gaming, Wynn Macau's revenue and earnings "shouldn't change in any meausrable way as a result of this management change" since the "local management team at property level is not changing".

Wynn Resorts declined to comment on the lawsuit.

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