Steve Wynn has stepped down from his positions at Wynn Macau in addition to leaving his posts at the Las Vegas- based parent company, Wynn Resorts, the subsidiary company announced yesterday in a filing to the Hong Kong Stock Exchange.
According to the filing, the same senior executives who will take up the mantle at Wynn Resorts, namely Allan Zeman and Matthew Maddox, will also step into Wynn’s former roles at Wynn Macau. Maddox will become the new executive director and CEO.
Maddox has served as president of Wynn Resorts and as a non-executive director of Wynn Macau since 2013.
The resignations come after numerous sexual harassment allegations against Wynn, leading to negative publicity for the company.
According to the official communication from Wynn Resorts, Steve Wynn decided that “as a result of recent publicity, he could not continue to be effective in his current roles.”
Wynn Resorts was trading 1.37 percent lower at Monday’s close on the New York Stock Exchange, adding to more than 17 percent which has been wiped off the stock’s value since the scandal broke.
Trading of Wynn Macau stock was suspended on the Hong Kong Stock Exchange in anticipation of a snap market reaction. Wynn Macau is down a comparable 16.6 percent since its peak on January 26.
Wynn Macau says it has applied for trade resumption starting this morning.
Steve Wynn made his entry into Macau with a successful bid for one of the first three licenses of the MSAR in 2002 under former Chief Executive Edmund Ho. The company later signed a sub-concession agreement with Melco, following Galaxy’s similar agreement with the predecessor company to Sands China.
Wynn’s first eponymous Macau property had its stone-laying ceremony in June 2004 and opened in September 2006, and the year after it had a small- scale expansion which added extra gaming space and additional food and beverage and retail outlets.
In 2010, the company opened Encore at Wynn Macau, adjacent to and integrated with its first property.
Then in 2012, Wynn Macau received approval from the Macau government for its Cotai land concession, leading to Wynn Palace, which opened in August 2016.
The company’s focus on the VIP gaming market seemed to pay off last year in the context of Macau’s casino recovery. Wynn Resorts revenue soared almost 44 percent during a year when Macau VIP on aggregate grew just 26 percent and total gaming growth reached 19 percent.
Gaming inspection informed
WYNN MACAU has informed the Gaming Inspection and Coordination Bureau (DICJ) about Steve Wynn’s resignation from the posts of president and CEO of Wynn Resorts (Macau), Wynn Macau Limited (which trades in the Hong Kong stock exchange) and US-based Wynn Resorts Limited. A statement issued yesterday by DICJ reveals that the Secretary for Economy and Finance, Lionel Leong, and the DICJ head, Paulo Martins Chan, met separately with Linda Chen, chief operating officer of Wynn Macau, regarding the accusations of sexual misconduct involving Steve Wynn. These meetings had a purpose of “asking the Wynn Macau representative clarifications about the case […] including ongoing investigations.”