Steve Wynn, CEO of Wynn Resorts, has decided to resign from the Republican National Committee as the financial chair. Ronna Romney-McDaniel, Republican National Committee (RNC ) chairperson said that she received Wynn’s resignation on Saturday. On Friday, the media reported that several female staff of Wynn accused him of sexual harassment which spanned for more than a decade.
Wynn was designated to the RNC position in January last year and has been the Republican party’s main benefactor. McDaniel’s proclamation did not allude to the sexual harassment charges against Wynn, although, Wynn did make a public announcement to say that he did not want the scandal to interfere with the fantastic work that RNC was doing to make America a great country. When questioned about the harassment, Wynn said that the allegations were preposterous.
Last week Friday, the Wynn Resorts shares fell by 10% and it is forecasted that Wynn Macau shares will descend as well on the Hong Kong exchange today. The descent is contrary to the fantastic fourth quarter and the 2017 financial year-end results that the company reported. As a result of the accusations against Wynn, he may be coerced to resign as the boss of Wynn Resorts. Patricia Mulroy, head of Wynn’s corporate governance committee, will inquire into the allegations made against Wynn.
If Wynn does have to resign as the boss, finding a successor will be a challenging task, as his board of directors are not equipped to take over the role.
Wynn Boston Harbor
The Wynn Boston Harbor resort project, which costs $2.4 billion, could be at stake in Massachusetts because of the allegations. The Massachusetts Gaming Commission (MGC) stated that it was cognizant of the allegations against Wynn and it is taking the matter seriously. Stephen Crosby, chairman of MGC, has been accused of favoritism as he granted Wynn the only casino license in the Boston area. Caesars Entertainment claimed that Crosby was making unsupported accusations against Caesars non-adherence to regulations.
Massachusetts Governor Charlie Baker said that he was perturbed by the allegations against Wynn and the matter will be taken seriously. Baker said,
“The administration has a zero-tolerance policy for sexual harassment.”