The stepping down of the Chairman of Wynn Resort, Steve Wynn the Chief Architect of contemporary Las Vegas and visionary left behind a huge legacy as well a curious question? What will be the future of the $18 billion, Wynn Resorts casino and hotel empire without Steve Wynn?
Over three decades Steve Wynn wooed his visitors with his sumptuous hotels, mind-blowing casinos, palatable dining and extravagant shopping experiences.
Following a prompt meeting of the Board of Directors of Wynn Resorts’ on Tuesday, Mr. Wynn, the 76-year-old billionaire, stood down from his position of the Chairman and Chief Executive of the casino conglomerate that stretches along the length and breadth of Las Vegas, Boston and Macau.
Inundated with pressure in his lucrative business operations, including a half-finished $2.4 billion casino resort near Boston, and with shareholder lawsuit and various scrutinies chocking his future, Mr. Wynn said he was stepping down because of “an avalanche of negative publicity.”
“Elvis has left the building,’’ the global investment firm Jefferies wrote in a note on Wednesday. “Mr. Wynn’s value to the company is unarguably profound as its Chief Visionary and Diplomat. As such, we do not believe the company can grow at the same trajectory nor can it maintain its cutting edge position.”
Source: European Gaming News