The recent scandal with Wynn Resorts former CEO Steve Wynn has not been one of the finest moments in the history of the company. Anyone could tell you that. The allegations of sexual misconduct had been strong enough to push the venerable Mr. Wynn from his post and drop out of sight whilst an investigation was ongoing.
It was Wynn Resorts’ own investigation, though, and as such it didn’t discover much about the misdemeanor of Mr. Wynn. Where some may see a conspiracy, others say that they are not surprised. Still, the scandal that the allegations caused were enough to get the company in hot water with Las Vegas, Macau, Massachusetts and even the feds.
What We Found Through the Looking Glass
The findings of the probe were not definitive nor where they presented with any particular attention. They were laid bare in a filing with the Securities and Exchange Commission (SEC) earlier this week. Wynn Resorts’ Vice President Ellen Whittemore commented on the scandal by saying that the regulatory checks into the company barred him form commenting on the pressing issue.
However, Mr. Whittemore was aware of the need for publicity and added that at such time when the investigations bu regulator are concluded, the company will be allowed to speak freely to the public.
Wynn’s downfall began as most such matters do – with a respected media. The Wall Street Journal reported the sexual misconduct of Mr. Wynn back in January setting all the cogs of the destructive machine in motion. Agencies were quick on the trail of Steve Wynn who seemed not to believe what was happening.
Wynn was half-ousted from the company and half agreed to leave when the scandal broke out and caused the avalanche of unpleasantries. It was more than that, though, as the company fought fiercely to throw Mr. Wynn out completely, forcing him to share his stake.
Facing so much pressure, he still conceded. Mr. Wynn’s transgressions weren’t wanton. They affected a number of people. Meanwhile, the company took more hits when the Nevada Gaming Control Board and the Macau Gaming Inspection and Coordination Bureau took it into their hands to investigate the financial stability of the company.
A Night in a White Armor
Surprisingly, it has been Mr. Wynn’s former spouse, Elaine Wynn, who has stepped into the spotlight to try and balance out the company. Ms. Wynn. Had been actively trying to shake up the board and management of the company, cutting any excessive elements or unseemly and publicly unpalatable figures.
She has been pushing hard for the ‘legacy’ of the company, which doesn’t involve Mr. Wynn’s most recent misadventures. However, the scandal has now died down for the public, albeit the victims of Mr. Wynn surely remember the horror.
As to Mr. Wynn himself he’s still in control albeit his position and stake are more of a figure head – try to act against the board and the consequences would be dire. Until the regulatory checks are completed, nothing else will be known about his past transgressions.