Casino mogul steps down as CEO

09 February, 2018, 05:00 | Author: Sheri Evans
  • Steve Wynn

Steve Wynn has been replaced as chairman and chief executive of Wynn Macau Ltd. (1128.HK), his casino empire's biggest money-spinner, following his earlier resignation from the company's US parent. Mr. Maddox was hours earlier named CEO of Las Vegas-headquartered Wynn Resorts Ltd. (WYNN), where he has been company president. Wynn was behind not only his flagship Wynn Las Vegas and the adjacent Encore, but also the Mirage and Bellagio.

The commission initially deemed that Wynn Resorts met its suitability requirements, but reopened its determination last week after the Wall Street Journal report.

Wynn recently stepped down as finance chair of the Republican National Committee. Wynn is in the process of building a casino close to Boston. Further, he has been one of the closest executives to Steve Wynn and will likely try to maintain his vision and attention to hospitality and customer experience.

Asked to comment on how, or whether, the departure could affect its projects, Wynn Resorts spokeswoman Deanna Pettit-Irestone emailed a section of the resignation announcement.

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The scandal - which has drawn scrutiny from regulators in the USA and Macau - complicated Wynn's status in the former Portuguese enclave that generates the bulk of Las Vegas-based Wynn Resorts' profits.

"If Steve Wynn is considered not suitable, according to the law he should give up his shares", Wang said. "As I have reflected upon the environment this has created - one in which a rush to judgment takes precedence over everything else, including the facts", Wynn said in a statement released Tuesday night.

Matt Madox is the new Wynn Resorts CEO.

Non-executive director of the board Boone Wayson issued a statement Tuesday announcing Wynn's resignation, NBC News reported. The company also is developing the Wynn Boston Harbor in Everett, Mass., which is expected to open June 24, 2019.

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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.

'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. "In order for Wynn Resorts to be suitable to run the casino in Everett, the company must separate itself from every single person involved in covering up Steve Wynn's awful behavior and Wynn must give up his significant stake in the business".

The 76-year-old believes the sexual harassment allegations were prompted by his ex-wife, Elaine Wynn, to tarnish his reputation.

Now what remains to be seen is the attitude of the Macau authority on this matter, say analysts, as the concession of the local resort expires in 2020.

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