Wynn Resorts Shares Climb After Maddox Moves Into CEO Slot

Wynn Resorts Shares Climb After Maddox Moves Into CEO Slot

Wynn Resorts Shares Climb After Maddox Moves Into CEO Slot

Facing investigations by gambling regulators and allegations of sexual misconduct, billionaire casino mogul Steve Wynn has stepped down as chairman and CEO of the resorts bearing his name.

Arrowsmith discussed a meeting where Wynn berated a group of female employees about their weight, calling them "fat asses" and warning them to lose the weight - or risk losing their job. He built the Bellagio, Treasure Island and Mirage before he sold his Mirage Resorts company in 2000.

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

"He is a philanthropist and a beloved leader and visionary", read the Tuesday statement from Wayson.

Wynn started in Las Vegas casinos in the 1960s, creating some of Las Vegas' most iconic landmarks.

Allan Zeman, a Hong Kong-based businessman and an independent director of Wynn Macau, was appointed as its non-executive chairman.

Wynn Macau's gaming concession is set to expire in 2022 and in relation to the renewal concession, Ben Lee, a Managing Partner of IGamiX Management & Consulting Ltd., said the appointment of Mr. Maddox as Wynn Macau CEO is a "missed opportunity" to present a more "China friendly face" that could make the gaming license renewal process easier.

At least one shareholder filed a lawsuit Wednesday against Wynn Resorts. He and his team are well positioned to carry on the plans and vision for the company I created.

Gaming regulators in Nevada and MA are investigating the allegations.

Crosby asked whether either of those people were aware of the $7.5 million settlement with a manicurist that the Wall Street Journal report highlighted. He's already richer for leaving - Wynn's stock rose almost 8% early Wednesday after the company announced his departure.

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.

The company has casino resorts in other locations such as Macau.

He also resigned as finance chairman of the United States Republican Party's fund-raising arm, the Republican National Committee, last month. The scandal - which has drawn scrutiny from regulators in the US and Macau - complicated Wynn's status in the former Portuguese enclave that generates the bulk of Las Vegas-based Wynn Resorts' profits. The company also is developing the Wynn Boston Harbor in Everett, Mass., which is expected to open June 24, 2019.

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