• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Monday 25 August 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

Wynn Resorts founder Steve Wynn resigns as CEO after sexual misconduct allegations

Andrew W Scott by Andrew W Scott
Wed 7 Feb 2018 at 05:43
Print Friendly, PDF & Email
  • Current President Matt Maddox appointed new CEO
  • Company Director Boone Wayson appointed Chairman
  • Wynn made decision alone: “I cannot continue to be effective in my current roles”
  • Company name remains unchanged

Steve Wynn has resigned as CEO and Chairman of US-listed Wynn Resorts following sexual misconduct accusations published in The Wall Street Journal 11 days ago. Wynn, 76, has strenuously denied the allegations, calling them “preposterous.” In sourcing their story The Wall Street Journal contacted more than 150 current or former Wynn employees and claimed they approached every single one of the sources — none had reached out to the highly respected newspaper.

Regulators in Nevada, Massachusetts and Macau had taken the allegations seriously, mounting reviews alongside an internal investigation launched by Wynn Resorts’ own board.

Wynn’s demise is the greatest fall from grace to occur in the global gaming industry for many years. Wynn stepped down as Republican National Committee finance chair last month. Ivy League school the University of Pennsylvania revoked an honorary degree given to him — the first time such an action had occurred in over 100 years. But apparently these sanctions were not enough.

Bloomberg is reporting that Steve Wynn alone made the decision to step down.

The company has appointed current President Matt Maddox as its CEO effective immediately. Company board member Boone Wayson will take over as Chairman.

”It is with a collective heavy heart, that the board of directors of Wynn Resorts today accepted the resignation of our founder, CEO and friend Steve Wynn,” Wayson said in a statement late Tuesday in the US.

“In the last couple of weeks, I have found myself the focus of an avalanche of negative publicity,” Wynn 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 — I have reached the conclusion I cannot continue to be effective in my current roles.” Wynn added he was resigning from “a company I founded and that I love.”

According to sources there are no plans to change the name of the casino company despite Wynn’s departure, and Wynn is still living at Wynn Resorts’ Las Vegas property in a rented villa.

Wynn Resorts shares have plummeted 19% since the allegations surfaced. Trading of Wynn Macau Limited was suspended several hours ago pending imminent announcements.

Just hours before the story of Mr Wynn’s resignation broke, IAG had been contacted by institutional investors speculating on the possibility of companies taking advantage of the turmoil to seek a piece of the lucrative Macau gaming industry. Mr Wynn controls 21% of Wynn Resorts through his own 12% holding and the 9% stake held by his twice-over ex-wife, Elaine Wynn. That 21% stake remains the largest controlled by a single shareholder, giving regulators cause to continue to examine whether he is a fit and proper person for the industry. However, it is hardly enough to stave off a corporate raid, and Elaine and Steve Wynn are currently embroiled in long-running court battle in which Elaine Wynn is seeking to regain voting control of her 9% stake.

Mr Wynn’s name could not be more associated with the casinos owned by Wynn Resorts and Wynn Macau Limited. They all bear his name, and his signature – emblazoned across the top of each building – is the company logo. Many industry commentators have expressed concern about how the casinos could operate without Mr Wynn as CEO. But clearly the allegations against him made his position impossible.

RelatedPosts

Slots 2.0

JP Morgan says Macau GGR now at highest non-Golden Week levels since pandemic

Mon 25 Aug 2025 at 17:04
Macau GGR down 12.7% month-on-month to MOP$17.3 billion in September, lowest of the year

Macau government collects US$1 billion in gaming tax revenue in July

Mon 25 Aug 2025 at 13:34
Pacific puzzle

Team King completes acquisition of Saipan casino assets but IPI ownership links linger

Mon 25 Aug 2025 at 05:33
More reasons to visit Clark

Hann postpones US$207 million IPO due to poor market conditions

Sun 24 Aug 2025 at 11:19
Load More
Share3Share
Andrew W Scott

Andrew W Scott

Born in Australia, Andrew is a gaming industry expert and media publisher, commentator and journalist who moved to Hong Kong in 2005 and then Macau in 2009, when he founded O MEDIA, one of Macau’s largest media companies, former and parent company of Inside Asian Gaming (IAG). Both O MEDIA and IAG were merged with US-based gaming media brand CDC Gaming on 1 January 2025, under new corporate parent Complete Media Group (CMG).

Andrew was appointed CEO of Complete Media Group upon the merger. CMG is now the parent of three gaming media brands: Inside Asian Gaming (focusing on land-based gaming in the Asia-Pacific region), CDC Gaming (focusing on land-based gaming in the Americas), and Complete iGaming (focusing on online gaming in the Americas and APAC).

Andrew continues to be Vice Chairman and CEO of IAG and now-sister company O MEDIA.

Current Issue

Editorial – Better late than never

Editorial – Better late than never

by Ben Blaschke
Thu 31 Jul 2025 at 07:13

Inside Asian Gaming has in recent weeks been hearing increasing chatter around a possible move by Vietnamese authorities to introduce...

Angel’s Yasushi Shigeta

Angel’s Yasushi Shigeta

by Ben Blaschke
Thu 31 Jul 2025 at 07:08

Yasushi Shigeta, Chairman and owner of one of the world’s largest gaming industry suppliers, Angel Group, sits down with Inside...

The Magic Number

The Magic Number

by David Bonnet
Thu 31 Jul 2025 at 06:41

In this in-depth deep dive into the evolution of the Asian gaming landscape, David Bonnet argues that many regional jurisdictions...

Rashid Suliman – A road well traveled

Rashid Suliman – A road well traveled

by Ben Blaschke
Thu 31 Jul 2025 at 02:45

Rashid Suliman, Vice President of Global Gaming Asia-Pacific for casino solutions provider TransAct Technologies, provides some insight into his unique...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
HKUST
NWR

Related Posts

Slots 2.0

JP Morgan says Macau GGR now at highest non-Golden Week levels since pandemic

by Ben Blaschke
Mon 25 Aug 2025 at 17:04

Investment bank JP Morgan has estimated Macau’s gross gaming revenues in the seven days from 18 to 24 August at MOP$793 million per day, representing a 9% increase over the prior week and making it the city’s highest non-Golden Week...

Macau GGR down 12.7% month-on-month to MOP$17.3 billion in September, lowest of the year

Macau government collects US$1 billion in gaming tax revenue in July

by Ben Blaschke
Mon 25 Aug 2025 at 13:34

According to data released by Macau’s Financial Services Bureau, the Macau government’s revenue from gaming taxes in July was approximately MOP$8.11 billion (US$1.01 billion), largely in line with the MOP$8.16 billion collected in June. The July tax figure correlates to...

Pacific puzzle

Team King completes acquisition of Saipan casino assets but IPI ownership links linger

by Newsdesk
Mon 25 Aug 2025 at 05:33

Team King Investment (CNMI) LLC, a recently incorporated company which in February won a bid to acquire the casino assets of Imperial Pacific International, has officially closed the deal and taken ownership. According to local media outlet Marianas Variety, the...

More reasons to visit Clark

Hann postpones US$207 million IPO due to poor market conditions

by Ben Blaschke
Sun 24 Aug 2025 at 11:19

The holding company of Clark’s Hann Casino Resort has postponed an initial public offering that had been planned to take place in September, according to a report by Bloomberg. The delay is due to global uncertainties that have heavily impacted...

Your browser does not support the video tag.


IAG

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • English