Shares of Wynn Resorts gain on Wednesday

Shares of Wynn Resorts gain on Wednesday

Shares of Wynn Resorts gain on Wednesday

"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", said non-executive chairman of the board Boone Wayson.

Arrowsmith discussed a meeting where Wynn berated a group of female employees about their weight, calling them "fat asses" and warning them to lose the weight - or risk losing their job. The company is worth around US$17 billion by market capitalisation. Most of all, I am proud of our employees. The complaint also alleges breaches of fiduciary duty by the Company's Board of Directors in turning a blind eye and disregarding a sustained pattern of sexual harassment and egregious misconduct by Mr. Wynn. It referred to him as "an industry giant.a philanthropist and a beloved leader and visionary". Wynn's resignation, as well as the other changes in roles at the company, are effective immediately.

Now that Wynn has resigned, the board's investigation is even more urgent, said Betsy Atkins, a corporate governance expert who currently serves on the boards of Schneider Electric, HD Supply, Cognizant and Volvo.

Wynn and the company's nine remaining board members were hit with a shareholder lawsuit on Tuesday afternoon.

"With Matt, Wynn Resorts is in good hands", Wynn said. He and his team are well positioned to carry on the plans and vision for the company I created.

Putin offers condolences to Queen of Denmark over death of Prince Henrik
He was made Prince Consort in 2005, and in 2008, both of Margrethe and Henrik's sons were conferred the title "Count of Monpezat". Prince Henrik caused a stir in 2002 when Crown Prince Frederik replaced Henrik to represent the Queen at a New Year's ceremony.

The report detailed a $7.5 million settlement payment, something the gaming commission says was withheld from their investigators. Regulators in Nevada and MA are also probing the allegations against Wynn. Along with Wynn Palace in Cotai, the company built by Steve Wynn has been recognized as having more Five Star awards than any independent hotel company in the world. His latest decision to step down as CEO comes amidst a sharp decline in the share price for Wynn Resorts which fell some 18% in less than two weeks.

He also resigned as finance chairman of the United States Republican Party's fund-raising arm, the Republican National Committee, last month.

Shares of Wynn Resorts' China arm, Wynn Macau Ltd., were suspended from trading on the Hong Kong stock exchange on Wednesday in Asia.

Above: Considered a highly risky investment at the time due to the extravangant cost of its construction and operation, The Mirage set a new standard for Las Vegas resorts when it was opened by Steve Wynn in 1989.

Wynn, known for building luxury resorts, and the surging profits from its Macau business make the company a lucrative takeover target for real-estate focused companies and Chinese investors, analysts said.

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