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Wynn Resorts Share Prices Go Up After CEO Steve Wynn Resigns

After weeks of exposés and roller coaster stock prices, Steve Wynn finally resigned as Chairman and CEO of Wynn Resorts and the market is responding positively. Steve Wynn has been under pressure to quit the company ever since Wall Street Journal came out with its story revealing several sexual harassment allegations against the founder and former CEO.

The Massachusetts Gaming Commission and the Nevada Gaming Control Board have both been hot on Wynn’s tail and launched full-on investigations to review his case and the company’s license to operate in their respective states.

The Nevada regulator’s findings would have been particularly critical since the commission could have forced Steve to resign from the company and leave the industry if he were found guilty. Womens’ group UltraViolet was flying a banner over Southern Nevada last week which read: “Wynn is a sexual predator #FireWynn.

CBS This Morning

In a statement, founder and former CEO Steve Wynn said,

I have found myself the focus of an avalanche of negative publicity. 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 Resorts’ board of directors confirmed that they had accepted Steve Wynn’s resignation from his posts as Chairman and CEO. The company’s current president, Matt Maddox has been appointed as the new CEO. Boone Wayson was appointed as the Non-Executive Chairman of the Board of Directors and both assume these positions immediately.

The statement released by Wynn Resorts specified that Wynn was not ‘fired’ but the company merely accepted his resignation with a ‘collective heavy heart’. The statement also went on to outline Wynn’s many contributions to the company and the gaming industry, adding that Wynn Resorts currently has the highest number of women holding management positions in the casino industry which stands at 40 percent.

Some believe that Steve’s departure from the company could greatly impact the Wynn brand from moving forward. Chris Grove, managing director of Eilers & Krejcik Gaming raised the question of whether Wynn Resorts is still “Wynn without Wynn” and how much damage the company would suffer due to the separation.

The stock market has also responded positively to the news, with Wynn Resort share prices climbing from $163 to $175 after the announcement of Wynn’s resignation was released.

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