Casino mogul Steve Wynn on Tuesday resigned as chairman and CEO of Wynn Resorts Ltd amid sexual misconduct allegations.
The Las Vegas-based company said in a statement that Wynn’s resignation was effective immediately.
It came less than two weeks after the Wall Street Journal reported that a number of women said Wynn harassed or assaulted them and that one case led to a US$7.5 million settlement.
“In the last couple of weeks, I have found myself the focus of an avalanche of negative publicity,” Wynn said in a written statement. “As I have reflected upon the environment this has created — one in which a rush to judgement takes precedence over everything else, including the facts — I have reached the conclusion I cannot continue to be effective in my current roles.”
The billionaire has vehemently denied the report’s allegations, which he has attributed to a campaign led by his ex-wife.
An attorney for Elaine Wynn has denied that she instigated the news report.
Steve Wynn now faces investigations by gambling regulators in Nevada and Massachusetts, where the company is building an about US$2.4 billion casino just outside Boston.
The company earlier said a committee of independent directors would investigate the allegations that surfaced on Jan. 26.
Ahead of the announcement, shares of Wynn Resorts’ China arm, Wynn Macau Ltd (永利澳門), were yesterday morning suspended from trading on the Hong Kong Stock Exchange.
Gambling regulators in Macau, the world’s biggest casino market, last week said they were concerned about the reports and had met with executives of Wynn Macau to get more information, and the company said it would cooperate with any requests.
Wynn Macau has two casino-resorts in the territory, which is the company’s biggest source of profits.
Wynn is a titan in Sin City and played a major role in the Las Vegas Strip’s revitalization in the 1990s. He built the Bellagio, Treasure Island and Mirage before he sold his Mirage Resorts company in 2000.
Two years later, he founded Wynn Resorts, which now operates two luxurious casino-resorts in the city and is in the process of building a lake and hotel development called Paradise Park on the site of a former golf course.
Wynn’s two Macau casinos include the older Wynn Macau near the former Portuguese colony’s historic old town and the Wynn Palace, which in 2016 became the latest opulent resort to open in the new district of Cotai, joining lavish developments by rivals including Las Vegas Sands Corp.
Wynn resigned as finance chairman of the US Republican National Committee a day after the allegations were published.
Since 2013, Wynn has contributed nearly US$2.4 million to Republican candidates and party organizations around the country, including Nevada Governor Brian Sandoval and last year’s special election winners.
Some Republicans in US Congress, including US Senator Dean Heller, have already announced they are donating contributions they received from Wynn to charity.
NOTABLE SHIFT: By 2030, 50% of all laptops would be assembled in Southeast Asia, while Taiwan would still mostly focus on research and development, a report said Global laptop and desktop computer supply chains are expected to shift significantly away from China in the next 10 years, a Market Intelligence & Consulting Institute (MIC, 產業情報研究所) report said. By 2030, only 40 percent of global laptop production would remain in China, said the report, which was released on Thursday. “The reshuffling of the global supply chain will be one of the most important trends in the next 10 years,” the institute said in the report. “In the long run, key component makers will follow laptop assemblers in moving out of China.” The Taipei-based institute predicted most key component makers
Merck Group Taiwan yesterday said that it plans to invest substantially on expanding its fab in Kaohsiung’s Lujhu District (路竹) to better serve its local customers, including Taiwan Semiconductor Manufacturing Co (TSMC, 台積電). The company said it plans to expand its production space by 50 percent in the next five years and its workforce by about 40 percent, Merck Group Taiwan managing director Dick Hsieh (謝志宏) told a media briefing in Taipei. Hsieh declined to disclose investment details, but said that the latest investment would exceed the total amount Merck has invested in Taiwan over the past few years. Those investments would be
Yageo Corp (國巨), the world’s third-largest supplier of multilayer ceramic capacitors, has formed a strategic alliance with Hon Hai Precision Industry Co (鴻海精密) to develop key electronic components for electric vehicles and digital healthcare, it said yesterday. The alliance is to help Yageo boost its revenue from high-end components for vehicles and industrial, medical and aerospace devices, as well as those used in 5G and Internet-of-Things devices, the company said. The companies signed the strategic alliance agreement at Yageo’s headquarters in New Taipei City’s Sindian District (新店). Their cooperation is to start this quarter, the companies said in a joint statement. “Through the cooperation
SUPPLY CONSTRAINTS: The transferred orders might not provide an immediate revenue boost given local chipmakers’ high utilization rates, a senior analyst said Shares of local contract chipmakers yesterday rose as much as the 10 percent daily limit, as investors bet on orders being transferred from Semiconductor Manufacturing International Corp (SMIC, 中芯國際) after the US imposed export restrictions on the Chinese chipmaker. United Microelectronics Corp (UMC, 聯電) shares soared 10 percent to close at NT$27.5 as 380 million shares changed hands on the Taiwan Stock Exchange. UMC is the world’s No. 3 foundry by revenue, followed by SMIC, according to data from market researcher TrendForce Corp (集邦科技). UMC has product and customer portfolios similar to those of SMIC, TrendForce said, adding that UMC offers 14-nanometer and