Wynn Resorts surges after billionaire casino mogul Steve Wynn resigns (WYNN)

pulse

February 7, 2018 3:47 PM

The billionaire casino mogul Steve Wynn stepped down from his company, Wynn Resorts, amid sexual-misconduct accusations.

he billionaire casino mogul Steve Wynn had resigned from his role as chairman and CEO of the company, which he founded.
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Shares of Wynn Resorts soared as much as 6.3% on Wednesday morning, the day after the embattled billionaire casino mogul Steve Wynn stepped down from his role as CEO and chairman of the company.

Wynn Resorts' board of directors made the announcement "reluctantly" on Tuesday. The board appointed Matt Maddox, the president of Wynn Resorts, as the company's new CEO and Boone Wayson as its nonexecutive chairman.

Wynn, who is also the founder of Wynn Resorts, was accused last month of decades of sexual misconduct, including regularly pressuring his employees at Las Vegas casinos into performing sex acts.

Wynn has repeatedly denied the allegations.

A few weeks ago, Wynn resigned from his role as finance chairman of the Republican National Committee.

Wynn Resorts' stock was trading at $176.50 a share Wednesday morning and was up 7.6% for the year.

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