Business

Steve Wynn Resigns as CEO of Wynn Resorts

Gov. Charlie Baker said it is the right move for the casino mogul, who has been accused of sexual abuse.


Casino mogul Steve Wynn during a news conference in Medford, Mass., Tuesday, March 15, 2016.

Photo via AP/ Charles Krupa

Steve Wynn, the embattled casino mogul, resigned from his position as CEO and chairman of the board of Wynn Resorts on Tuesday following allegations of sexual abuse published in the Wall Street Journal.

Wynn, whose eponymous company is developing a massive property set to open in Everett next June, was accused of misconduct by multiple employees who felt powerless to speak out for fear of retribution. The Las Vegas magnate denied the allegations, but said in a statement on Tuesday he would resign following “an avalanche of negative publicity” that has stymied his ability “to be effective in [his] current roles.”

Wynn’s conduct is also under investigation by the Massachusetts Gaming Commission, which granted the mogul a license to operate a casino here in 2013. Last week, the Commission said that during the application period, Wynn failed to disclose a $7.5 million settlement payment he made following a sexual assault accusation. Under Massachusetts law, gaming licensees must uphold a state suitability standard of “integrity, honesty, good character, and reputation.”

On Tuesday, Gov. Charlie Baker’s office affirmed his support for the review and said in a statement to Politico that Wynn’s departure from the company “is the right decision… in light of recent disturbing allegations.” State investigators are also following how Wynn Resorts reacts to the accusations and if the company’s financial stability will be jeopardized.

Gubernatorial challenger Setti Warren went further than Baker, saying in a statement that Wynn should completely divest from the company and give up his stake in Wynn Resorts. The Newton mayor also said the company must “separate itself from every single person involved in covering up Steve Wynn’s terrible behavior” to be a “suitable partner for Massachusetts.”

In addition to stepping down from his company, Wynn also resigned from his position as finance chairman of the Republican National Committee in January. He is a major Republican donor, according to the Washington Post, and has given more than $1.5 million to different GOP groups.