Steve Wynn resigns as CEO of Wynn Resorts

Billionaire casino mogul Steve Wynn resigns from Wynn Resorts amid sexual misconduct scandal

In a recent securities filing citing possible risks to the business, the Company claimed, "If we lost the services of Mr. Wynn, or he is unable to devote sufficient attention to our operation for any reason, our business may be significantly impaired".

Steve Wynn, the mega-rich casino mogul, is stepping down from his company, according to USA Today.

Details of Wynn's separation agreement were not immediately disclosed.

Shares of Wynn Resorts' China arm, Wynn Macau Ltd., were suspended from trading on the Hong Kong stock exchange on Wednesday in Asia.

The company, which said previously it would cooperate with the regulator's requests, operates two casino-resorts in the Chinese enclave that generate about two-thirds of its total revenue.

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He also resigned as finance chairman of the United States Republican Party's fund-raising arm, the Republican National Committee, last month. Wynn, a close ally of Trump, said at the time. Wynn declined to comment on the report Monday, but by Tuesday the drumbeat was too much for him.

Although Wynn has called the allegations "preposterous", he announced his departure from the company late Wednesday, saying that "I have reached the conclusion I can not continue to be effective in my current roles". In 2012 Elaine Wynn sued Mr. Wynn in Clark County, Nevada to alter their arrangement and give her the power to sell her shares at will. The Macau government is likely to watch for developments in the USA, he said.

"The instigation of these accusations is the continued work of my ex-wife Elaine Wynn, with whom I am involved in a awful and nasty lawsuit", Steve Wynn had said, according to Deadline.

Wynn, 76, who has denied the accusations, stepped down as CEO on Tuesday. It could also draw interest from a private-equity investor, who could leverage the company's considerable cash flow, or from an Asian leisure company looking to grab a piece of the world's largest gambling market, Macau. Wynn remains in control of about 21 percent of parent Wynn Resorts, which owns 72 percent of the Macau company. That means he'll remain the single most influential shareholder at Wynn, and regulators will still have cause to examine his behavior.

According to Grant Govertsen, Managing Director of investment bank and advisory firm Union Gaming, Wynn Macau's revenue and earnings "shouldn't change in any meausrable way as a result of this management change" since the "local management team at property level is not changing". With Matt, Wynn Resorts is in good hands.

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