Thursday, 22 February, 2018

Steve Wynn Resigns From Company Amid Sexual Misconduct Allegations

Steve Wynn resigns amid sexual misconduct allegations Steve Wynn Resigns From Company Amid Sexual Misconduct Allegations
Nellie Chapman | 07 February, 2018, 08:28

A Las Vegas judge has reversed an earlier ruling that prevented Japanese gaming entrepreneur Kazuo Okada from making legal claims against some members of Wynn Resorts Ltd's board of directors, reports the Las Vegas Review-Journal newspaper. And the Wynn Resorts board formed a special committee to investigate the allegations.

Meanwhile, regulators in Macau - the Chinese territory that is the world's most lucrative gambling market, and where Wynn Resorts runs several casinos - have also asked for information on the allegations, the Globe reports.

The board of directors for Wynn Resorts has appointed Matt Maddox, now the president of the company, as its CEO effective immediately. "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. He played the pivotal role in transforming Las Vegas into the entertainment destination it is today.

"I have reached the conclusion I can not continue to be effective in my current roles".

A Wall Street Journal investigation, published late last month, found that Mr. Wynn had harassed female employees for decades.

Steve Wynn, chairman and CEO of Wynn Resorts, speaks at the 2009 Milken Institute Global Conference in Beverly Hills, California.

In one case, Wynn reportedly paid a $7.5 million settlement to a woman who said she had been pressured to have sex with the casino magnate. "Which is to say, the institution we created - a collection of the finest designers and architects ever assembled, as well as an operating philosophy now ingrained in the minds and hearts of our entire team - will remain standing for the long term".

It was the first time that the United States sexual harassment watershed has centered on the CEO and founder of a major publicly held company.