Steve Wynn Steps Down As Wynn Resorts CEO


Asked about the effect of the commission's investigation on the $2.4 billion casino under construction outside of Boston, Bedrosian said, "I know the company has made a commitment to continue building and we'll take it one step at a time". The fate of the two new hotels he's proposed for Las Vegas may face scrutiny.

The company, which is responsible for several casino operations including the famous Wynn Macau, Wynn Palace Cotai and Wynn and Encore Las Vegas has with a "collective heavy heart" accepted Wynn resignation. Both properties are now owned by MGM Resorts International. Wynn created a limited liability company called Entity Y to pay the settlement. Although still denying the allegations, Wynn has announced his resignation from his position as CEO and Chairman of Wynn Resorts.

Wynn also notably acted as finance chairman for the Republican National Committee, a position he vacated last week in light of the accusations.

"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.

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"Details of Mr. Wynn's separation agreement will be disclosed when they are finalized", the company said in its press release announcing the leadership change. "Win or Winners, or maybe even Wing Lei", he said, referring to the Chinese pronunciation for Wynn. Wynn declined to comment on the report Monday, but by Tuesday the drumbeat was too much for him.

"While the exit of Wynn's founder and visionary could leave an irreplaceable void, the news could help to assuage some regulatory overhang related to ongoing reviews of Wynn's gaming licenses in domestic and global jurisdictions", said research firm CFRA.

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".

Replacing Wynn on the company's Board of Directors is Boone Wayson.

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

"For a woman, that man humiliated us to the core", Arrowsmith said.

"The instigation of these accusations is the continued work of my ex-wife Elaine Wynn, with whom I am involved in a bad and nasty lawsuit", Steve Wynn had said, according to Deadline. That case is expected to go to trial in April.

Wynn's name is the company's logo and he owns a 12 percent share in the company. Also, his behaviour will be observed by regulators. In his 16-year career at Wynn, Maddox served as chief financial officer, and held a range of management roles at Wynn Macau.

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At least one shareholder filed a lawsuit Wednesday against Wynn Resorts.