Steve Wynn exit of limited impact on Macau ops

Steve Wynn

Matt Maddox whom has been the company's president since 2013 is appointed for the position with immediate effect.

The board has appointed Matt Maddox, now the company's president, to be the CEO, the statement said.

Rating agency S&P Global Ratings revised their rating outlook for Wynn Resorts from stable to negative on January 30, two days after the news, citing the mounting misconduct allegations against Wynn.

Asked about the effect of the commission's investigation on the $2.4 billion casino under construction outside of Boston, Bedrosian said, "I know the company has made a commitment to continue building and we'll take it one step at a time". Gaming regulators in Nevada and MA say they will conduct investigations into possible undisclosed settlements by Wynn to accusers.

"The Wynn Resorts team and I have built houses of brick".

Macau's Secretary for Economy and Finance Lionel Leong and Gaming Inspection & Coordination Bureau director Paulo Martins Chan met last week with Linda Chen, Wynn Macau's chief operating officer, to discuss the allegations swirling around the casino magnate, the bureau said in a statement Wednesday. Maddox worked at Caesars Entertainment and as an investment banker before joining Wynn, who has said: "With Matt, Wynn Resorts is in good hands".

"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", the board's non-executive director, Boone Wayson, said in a statement.

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Wynn Resorts is developing a massive resort and casino in Boston Harbor that's set to open in 2019.

Now what remains to be seen is the attitude of the Macau authority on this matter, say analysts, as the concession of the local resort expires in 2020.

"There's still concerns about whether Steve Wynn has control, stock ownership, and those types of things. 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.

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.

On top of all that, the Wynn Resorts board of directors has to complete its own investigation into Wynn's behavior.

Last week, the gaming commission reopened its suitability review of Wynn, amid a report detailing decades of sexual misconduct. "In order for Wynn Resorts to be suitable to run the casino in Everett, the company must separate itself from every single person involved in covering up Steve Wynn's awful behavior and Wynn must give up his significant stake in the business".

Wynn has called the allegations "preposterous" and has said that they are schemes by his ex-wife, Elaine Wynn.

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