Steve Wynn’s $18B Casino Empire Teeters After Resignation Amid Scandal
Steve Wynn, the billionaire casino magnate, resigned from his post as CEO of Wynn Resorts on Tuesday amid reports in multiple newspapers that he coerced women into sex and created a sexually abusive workplace culture for women.
The move left his company in turmoil, with multiple pending lawsuits against the company and a half-finished, $2.4 billion casino resort near Boston.
“Elvis has left the building,” the global investment firm Jeffries wrote on Wednesday. “Wynn’s value to the company is unarguably profound as its chief visionary and architect. As such, we do not believe this company can grow at the same trajectory nor can it maintain its cutting edge position.”
Wynn has called the allegations against him, detailed in the Wall Street Journal, “preposterous.” He has consistently declined to comment for stories about the allegations.
There are multiple shareholder lawsuits against Wynn Resorts over the allegations of sexual assault and harassment. The Massachusetts Gaming Commission is also investigating the planned resort near Boston, threatening its ability to gain a gambling license.