Share Prices of Wynn Resorts Soars after Wynn’s Resignation

Steve WynnAfter several weeks of ups and downs in the stock prices, Steve Wynn, the Chairman and CEO of Wynn Resorts finally resigned. The market has reacted positively and the share prices of the company are again soaring high. The Chairman was under a lot of pressure to quit from his post ever since the Wall Street Journal exposed his sexual harassment allegations against the founder and former CEO of Wynn Resorts.

Both Nevada Gaming Control Board and Massachusetts Gaming Commission had launched a full detailed investigation against Steve Wynn so as to review the case and license of the company for operating business in respective states.

The findings of Nevada Gaming Control Board were particularly critical and the gaming commission compelled Steve Wynn to resign and leave the gaming industry. A Women’s Group by the name UltraViolet came up with a banner last week over Southern Nevada that read “Wynn is a sexual predator #FireWynn

The former CEO Steve Wynn issued the following statement:

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.

CBS This Morning

The board of directors of Wynn Resorts has accepted the resignation letter of Steve Wynn from his post of Chairman and CEO. Matt Maddox who is the current President of the company would assume the post of Chairman and CEO. On the other hand, Boone Wayson is appointed as the non-executive chairman of the board of directors. Both these people would assume their posts immediately.

According to a statement released by Wynn Resorts, Steve has not fired away but his resignation was accepted with a heavy heart. The statement further talked about the contribution made by the former Chairman in helping the company grow and contribute the gaming industry. It is interesting to note that Wynn Resorts has the highest number of women holding a management position in the casino industry at 40 percent.

Some analysts are of the opinion that exit of Steve would have a negative impact on the company brand and it would not be able to move forward. According to Chris Grove who is the MD of Eilers and Krajicek Gaming raised the question whether Wynn Resorts is “Wynn without Wynn” and the amount of damage the company has to endure due to his exit.

On the contrary, the market has responded positively to the exit of Steve Wynn. The share prices of the company have risen from $163 to $175 after the resignation of former CEO and Chairman.

Jay Stevens

Jay Stevens

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