Casino regulators seen continuing probe after Wynn resigns

Casino regulators seen continuing probe after Wynn resigns

Steve Wynn, the billionaire USA gaming tycoon, has stepped down from his namesake casino resort empire following allegations of sexual misconduct, opening questions about its future prospects in Macau and Japan.

"I have reached the conclusion I can not continue to be effective in my current roles", Wynn said in a statement, announcing his resignation as chairman and chief executive. Matthew Maddox, chief executive of Wynn Macau, will become chairman of Wynn Resorts Macau; Linda Chen, chief operating officer of Wynn Macau, will remain as president and executive director of Wynn Resorts Macau. Regulators in Nevada and MA are also probing the allegations against Wynn.

As a company, Wynn Resorts seems to be sad to see Steve Wynn go. In a press release issued recently, WYNN said that Steve Wynn will resign as the Chairman and CEO of the company.

Session activity on Wynn Resorts, Limited (NASDAQ:WYNN) stock is placing it on today's most active list.

Wynn's exit comes also as Wynn Resorts seeks to take advantage of Japan's moves to legalize casino gambling.

Wynn's behavior was known by the staff at some of his properties, and employees at the spa would often make fake appointments in an effort to avoid contact with him, the WSJ said (also read: Wynn Resorts Stock Plunges After CEO Accused of Sexual Misconduct).

Wynn built some of the top casinos in Las Vegas - including the Mirage, Treasure Island, and the Bellagio - and brought a new level of sophistication and grandeur to the Strip.

Wynn Resorts' China sect, Wynn Macau Ltd. Taking over the CEO position is current President Matt Maddox.

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The casino business has already made him an incredibly rich man. Forbes puts his current net worth at $3.3 billion. Wynn Resorts' stock price had already tumbled in response to the misconduct allegations, from $200.60 on January 25 to $163.22 on Tuesday.

In addition to the Control Board's investigation, authorities with the Massachusetts Gaming Commission, Macau's Gaming Inspection and Coordination Bureau and a three-member committee of independent Wynn Resorts board members are looking at the allegations separately. Just over a week ago, Wynn was in many ways the face of the USA casino business after dominating it for five decades.

He first arrived in Las Vegas as a young boy with his father, Mike Wynn, an East Coast bingo parlor operator.

Since 2013, Wynn has contributed almost US$2.4 million to Republican candidates and party organizations around the country, including Nevada Governor Brian Sandoval and last year's special election winners.

In 1967, he bought a small stake in the Frontier casino. Is this the end of an era for Las Vegas?

Steve Wynn owns 11.8% of the shares of the company, while his ex-wife Elaine holds 9.4%.

A number of brokerages have commented on WYNN.

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