Billionaire Steve Wynn resigns as chairman of Wynn Macau, shares to resume trading on Thursday
Casino mogul resigns from all executive positions at Wynn Resorts and Wynn Macau after allegations of sexual misconduct were levelled against him by dozens of past and present employees
Billionaire casino mogul Steve Wynn has stepped down as chief executive of Wynn Resorts amid sexual abuse allegations levelled against him by former and current employees late last month.
Matt Maddox, the current president, will be appointed as the new chief executive, according to a company statement on Tuesday.
The casino mogul also resigned from his position as chairman and CEO of Wynn Macau, the Hong Kong-listed company said in a statement on Wednesday.
Shares of Wynn Macau, which were suspended from trading in Hong Kong on Wednesday, are expected to resume trading on Thursday, the company said.
Maddox, known to be Wynn’s right-hand man,, will also become the chairman of Wynn Macau, while Allan Zeman, an independent non-executive director, has been appointed as non-executive chairman.
What remains to be seen is the attitude of the Macau authorities on the matter, say analysts, as the concession of the local resort expires in 2020.