The professional demise of Steve Wynn, founder of Wynn Resorts and former finance chair of the Republican National Committee, became nearly complete Tuesday evening after he “resigned” from his role as chief executive of the company, CNBC reported.
The decision came just one day after the most recent in a series of damning Wall Street Journal reports about Wynn’s alleged sexual misconduct—and attempt to cover it up—was published. The newspaper’s reporting indicates that Wynn has fostered a toxic work culture in his resorts for decades, and paid out at least one sexual assault settlement for $7.5 million through the creation of a shell company.
Wynn faced the possibility of getting his company’s license revoked if regulators in Massachusetts determined that he’s not a “suitable” casino operator; that investigation reportedly leaned heavily on the Wall Street Journal’s reporting.
Newly tapped non-executive director of the board for Wynn Resorts, Boone Wayson, released the following statement about Wynn’s announcement (courtesy of CNBC):
“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. Steve Wynn is an industry giant. He is a philanthropist and a beloved leader and visionary. He played the pivotal role in transforming Las Vegas into the entertainment destination it is today. He also assembled a world-class team of executives that will continue to meet the high standards of excellence that Steve Wynn created and the Wynn brand has come to represent.”
Wynn, for his part, has blamed his ex-wife for fabricating the allegations and “an avalanche of negative publicity” for prohibiting him from doing his job.
Here’s Wynn’s statement, also via CNBC:
“In the last couple of weeks, 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.”