Trading in Hong Kong-listed shares of Wynn Macau resorts was halted on Wednesday morning as Steve Wynn, the fallen US mogul, resigned from his casino company Wynn Resorts as CEO at a time when the billionaire battles claim that he routinely subjected women who worked for him to unwanted sexual advances.
Ever since the Wall Street Journal broke the story two weeks ago, his companies have lost money and future deals. Though Mr. Wynn continues to deny the accusations “preposterous”, blaming a smear campaign by his ex-wife in order to gain an advantage in their divorce lawsuit, he realized the fallout from the news would be too great for his companies to bear.
He has been locked in several legal battles with his ex-wife, Elaine Wynn, for more than seven years. As the pair co-founded Wynn Resorts together after he became a billionaire running the Las Vegas casinos, Ms. Wynn wants a large share of his estate while he refuses to relinquish.
Related coverage: <a href="https://thegoldwater.com/news/16975-Video-Steve-Wynn-Steps-Down-From-GOP-After-Allegations">Video - Steve Wynn Steps Down From GOP After Allegations </a>.
Already in January, he had resigned as the finance chairman of the US Republican party’s fundraising arm, the Republican National Committee.
Mr. Wynn released a statement: "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."
<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Statement of Steve Wynn released by Wynn Resorts in announcing his departure: “I have reached the conclusion I cannot continue to be effective in my current roles” <a href="https://t.co/8HQ1uVVaUn">https://t.co/8HQ1uVVaUn</a> <a href="https://t.co/z5RXNUbHIa">pic.twitter.com/z5RXNUbHIa</a></p>— CNBC Now (@CNBCnow) <a href="https://twitter.com/CNBCnow/status/961067265063112704?ref_src=twsrc%5Etfw">February 7, 2018</a></blockquote>
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Wynn Resorts will be led by Mr. Matt Maddox, its president since 2013, as CEO and Mr. Boone Wayson as non-executive chairman with immediate effect.
Related coverage: <a href="https://thegoldwater.com/news/17635-Steve-Wynn-Sexual-Assault-Suit-Details-Revealed">Steve Wynn Sexual Assault Suit Details Revealed </a>.
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His stock is gonna take a beating today