Company: Wynn Resorts
Mr. Wynn, 74, has served as chairman and chief executive officer of Wynn Resorts Limited since June 2002. Mr. Wynn has been an executive director, the chairman of the board of directors and chief executive officer of Wynn Macau, Limited, a majority owned subsidiary of the company, since September 2009 and president of Wynn Macau, Limited until January, 2014.Mr. Wynn has also served as Director, Chairman and Chief Executive Officer of Wynn Resorts (Macau) S.A. since October 2001. Mr. Wynn serves as an officer and/or director of several subsidiaries of Wynn Resorts, Limited. During his time as chairman, chief executive officer and president of Mirage Resorts, Mr. Wynn developed, opened and operated The Mirage, Treasure Island and Bellagio in 1989, 1993 and 1998, respectively.
Wynn Resorts founder Steve Wynn has resigned from his position as CEO and chairman of the company, effective immediately. The departure of the gaming veteran comes amidst an investigation into his alleged sexual misconduct with employees during his role at the helm of the company. “It is with a collective heavy heart, that the board […]
Macau’s gaming regulator has expressed concern regarding recent accusations against Wynn Resorts CEO Steve Wynn, according to reports. Representatives from the Gaming Inspection and Coordination Bureau reportedly met with top executives from Wynn Macau in order to “understand the situation”, before releasing a statement on the matter. “The Gaming Inspection and Coordination Bureau expresses concerns […]
Casino magnate Steve Wynn, head of Wynn Resorts, said he is confident that his casino business in Macau will continue after the expiration of casino concessions starting 2020, Reuters reports. Wynn told analysts on Monday that his confidence comes from talks with the government in Macau. “We have been given reason to have confidence that […]
The fallout from the Wall Street Journal article regarding Wynn Resorts’ founder and CEO Steve Wynn’s alleged pattern of sexual assault has already been serious. Wynn was forced to quit his position as US Republican Party National Committee finance chair, an investigation has been launched by the Massachusetts Gaming Commission, and the company’s stock prices […]
Steve Wynn, the billionaire head of Wynn Resorts, said the man who opened fire on a crowd attending a music festival in Las Vegas last week had stayed in his hotels many times and had seemed like a rational man. Stephen Paddock killed 58 people and injured more than 500 in a murderous spree launched […]
Macau’s community is set to receive another helping hand with the addition of relief funds from Melco Resorts and Wynn Resorts, according to two separate announcements released last week. Melco Resorts and Entertainment said it plans to allocate MOP 30 million (US$3.75 million) to support its employees and their families, and the community. Two thirds […]
Wynn Macau will raise the wages of non-management staff by between 3 percent and 6.5 percent, the company said. The change is effective from March 1 and covers nearly 98 percent of the company’s 12,400 workforce. Eligible employees earning a maximum of MOP16,000 ($2,000) per month will receive a pay increase of MOP500 per month. […]
Casino operator Wynn Resorts reported a net loss for the third quarter of 2016, down 118.1 percent year-on-year to $17.4 million. While Macau GGR has been on an upward trend over the last three months, net revenue from its Macau operations fell 11.5 percent in 16Q3 to $518.1 million. Adjusted Property EBITDA from Wynn Macau […]
MGM China CEO Grant Bowie said he is “very confident” about the future of Macau’s gaming industry, as the region’s gaming operators shift their focus toward mass-market recreational gamblers. Bowie made the comments on the sidelines of a forum held at the MGM casino-hotel in Zape, when asked about his views on Wynn Resorts Chairman […]
At least three junket operators will be launching new VIP rooms in Wynn Palace, which opens its doors today, Monday August 22, 2016, local media reports. Suncity Group, Tak Chun Group and Guangdong Group have already begun advertising the opening of their VIP rooms at the new resort. Last week, Wynn Resorts founder Steve Wynn […]
Wynn Resorts says its delayed $4.2 billion Wynn Palace resort on Cotai is now expected to open in the third quarter and it invested about $177.5 million in the first three months of this year on the project. The integrated resort contains a 1,700-room hotel, a performance lake, and a wide range of amenities. The […]
Wynn Resorts’ newest development Wynn Palace is likely “to open in July or maybe the first week of August,” said the chairman and chief executive of Wynn Macau in a recent investor presentation. According to a previous filing, potential construction delays could push the Wynn Palace opening to the second half of 2016. Penalties would […]
Wynn Resorts says potential construction delays could push the Wynn Palace opening to the second half of 2016. The Macau casino operator said that, although it still expects to open Wynn Palace in the first half, there is a chance the opening would be delayed, according to a filing to the Hong Kong Stock Exchange. […]
Founder and chief executive officer Wynn Resorts, Steve Wynn’s annual remuneration fell 18 percent last year to US$20.7 million, according to a US SEC filing. The board of Wynn Resorts said Mr. Wynn’s annual incentive was cut to $17.5 million, half paid in cash and half paid in shares, and cut his salary to $2.5 […]
Wynn Resorts chairman Steve Wynn spent more than $31.9 million to acquire additional shares of his casino company’s stock, according to a filing to the NASDAQ on Jan. 22. The transactions marks the second time in the last two months that Wynn has bought up company shares on the open market, after a stock decline […]
Wynn Resorts has said it expects a drop of about 25 percent in its Macau revenue in Q4, though a stronger performance in Las Vegas will help to offset the decline. The company is the first of the Macau operators to provide figures for Q4, though the results are preliminary. As for its Macau operations, […]
Construction delays for Wynn Palace, which was originally for completion on Mar. 25, has caused the construction company, Leighton to lose a bonus of MOP 303.34 (US$38 million), Las Vegas Sun reports. During the launch of his daughter’s slipper line, Steve Wynn commented on the terms of the bonus. “What has happened is that for […]
Wynn Resorts Limited announced on Tuesday, Dec. 8 that Chairman and CEO Steven Wynn spent around $63.8 million to buy more than one million shares of his company’s stock on the NASDAQ open market. This puts the total amount of shares owned by Steve Wynn, to 11.1 million shares. In a filing with the Securities […]
SJM Holdings executive director Angela Leong has called on the Macau government to take action to boost the economy, criticizing the lack of infrastructure planning and the slow speed of decision making. “Macau is such a small place and the government wants to diversify the economy. But they only talk when they should say how […]
The Macau government says it will not soften its policies on the gaming industry following comments from tycoon Steve Wynn criticizing delays in being informed how many gaming tables he will get for a new multi-billion dollar resort. The government said in a statement that the Secretary for Economy and Finance Leong Vai Tac “expressed regrets […]
Wynn Resorts recently met with the Deputy Premier of New South Wales in Australia to discuss potential investment opportunities, The Age reported. According to the latest NSW government ministerial diary summaries, representatives from Wynn Resorts met Troy Grant on May 13. The purpose is recorded as an “introductory meeting” to discuss “investment in NSW”. Wynn […]
Recently discovered interviews with at least five people suggest Wynn Resorts knew a mob associate with felony convictions would profit from his stake in the waterfront land where the Las Vegas casino company plans to build a resort, the city of Boston said in recent court filings, according to the Associated Press. Boston, which is […]
A US documentary investigating Macau’s gaming industry has stirred controversy over its reasons for being axed by broadcaster PBS. Journalist Lowell Bergman’s documentary, Bigger Than Vegas, was slated to be aired by the American public broadcaster PBS last year but was killed due to “editorial concerns and concerns about the legal consequences” Bergman told the […]
Universal Entertainment Corp announced that it will defend a lawsuit filed by an individual shareholder of the company claiming damages of nearly 421.6 billion yen ($3.42 billion). The claim stems from alleged losses as a result of action Wynn Resorts took to forcibly redeem chairman Kazuo Okada’s holding in the U.S. company after accusing him […]
Wynn Resorts CEO Steve Wynn said he makes no apologies for slashing the dividend from $1.50 to $0.50 a quarter based on the company’s poor financial results. In an earnings call, Wynn said he and the board would “not hesitate” to further lower the dividend if necessary “without a second thought and without any apology.” […]
Elaine Wynn, the second-biggest shareholder in Wynn Resorts, has lost her battle for a seat on the board after failing to win over a sufficient number of shareholders to back her re-election at an annual general meeting. Wynn has been in a war of words with the board of the casino operator, which was co-founded […]
Glass Lewis & Co., a leading independent proxy advisory firm, has recommended that Wynn Resorts stockholders vote “FOR” ALL of the director nominees, the casino operator announced in a filing. According to Wynn, Glass Lewis said in a report that it supported Wynn’s nominees and rejected director Elaine Wynn, who was formerly married to CEO […]
Wynn Resorts has fallen victim to Macau’s downturn with the company’s fourth-quarter profit plummeting as a result of its Macau operations underperforming. The company’s revenue fell to $1.13 billion, dragged down by a 32 percent decline in the Macau operations and 5.8 percent drop in Las Vegas. Net income was $109.3 million, or $1.07 per […]
Steve Wynn has agreed to terminate an eight-year-old shareholder agreement with his ex-wife, allowing both of them to sell their stock in Wynn Resorts without requiring permission from the other. Wynn’s decision to end the six-year legal battle comes only days after the gaming mogul resigned as CEO and Chairman of Wynn Resorts following sexual […]
Wynn Resorts has agreed a separation package with former Chairman and CEO Steve Wynn, under which he will receive no severance, or compensation, and will need to leave his residence at the beginning of June. Under the accord, Wynn agreed not to compete against the company he founded for two years and to provide reasonable […]
Wynn Resorts announced details of it employment contract with new CEO Matt Maddox, disclosing that he will receive a base salary of $2 million a year. Maddox took over as CEO in February after Steve Wynn was forced to depart amidst allegations of sexual misconduct. The CEO will also be eligible for a target annual […]
In a management analysis and discussion in its annual report, Wynn Macau highlighted the potential risks the company may face from the February resignation of founder and Chairman Steve Wynn following accusations of sexual harassment. “The resulting controversy related to Mr. Wynn and his separation from the group could significantly harm our business in numerous […]
Elaine Wynn, co-founder of Wynn Resorts and ex-wife to Steve Wynn is pushing for a restructure in the company’s corporate governance through a shake up of the board of directors. Only a day after Ms. Wynn drop her claims against her ex-husband over a breach of their stockholders agreement, Ms. Wynn wrote a letter to […]
The gaming industry fallout sparked by the sexual misconduct charges against Wynn Resorts founder Steve Wynn has been dramatic, but it remains difficult to gauge what it means for the hunt for IR licenses in Japan. On the one hand, the complete separation of Steve Wynn from the company which still bears his name is […]
MGM Resorts has expressed an interest in buying Wynn Resorts through back-channel approaches, the New York Post reported, citing unnamed sources. Wynn Resorts is not on the block, but the newspaper cited one source close to the situation as saying the company’s new CEO would sell if he got the right price.“I think if the […]
Steve Wynn’s announcement he is selling some, or all, of the 12 percent stake in the company he founded may open the door for Malaysia’s Genting to enter the Macau market, Bloomberg argues in an analysis. Genting Singapore has S$2.6 billion in net cash and free cash flow of $1.15 billion in 2017, a figure […]
A further legal chapter in the long-running dispute between Japanese billionaire Kazuo Okada, Steve Wynn and his former wife, has been closed, potentially paving the way for the sale of their holdings in Wynn Resorts. In a Securities and Exchange Commission filing, Wynn Resorts said that Steve and Elaine Wynn presented the Judicial District Court […]
U.S.-based Wynn Resorts has ended its long running legal battle with Universal Entertainment by agreeing to pay a settlement of $2.4 billion. The settlement is part of a battle between Wynn Resorts and Universal founder Kazuo Okada, who was an early investor and board member of Wynn but was ousted after a falling out with […]
Two members of Wynn Resorts’ board of directors have stepped down from the company, as lawsuits against the company’s founder and its members over sexual misconduct continue to mount. In late January, Wynn was accused of alleged sexual misconduct with employees during his role at the helm of the company. The founder and CEO, who […]
The Massachusetts gaming regulator has agreed to drop Steve Wynn’s name from the Wynn Resorts’ Boston gaming license, local media reports. On Feb. 6, Mr. Wynn stepped down from his role as CEO and chairman of Wynn Resorts, selling his nearly 12 percent stake in the company at the end of March. Lawyers for Mr. […]
Regulators in Massachusetts say Wynn Resorts failed to follow its own procedures when handling sexual misconduct allegations against founder and former CEO Steve Wynn and in some cases helped to conceal those accusations. The findings were released in a near 200-page investigatory report carried out by the Investigations and Enforcement Bureau of the Massachusetts Gaming […]
The embattled founder of Wynn Resorts, Steve Wynn, may soon find himself banned from entering the very properties he helped design, should a proposal from Wynn Resorts come to fruition, according to reports. In a brief delivered to the Massachusetts Gaming Commission last week, Wynn Resorts proposed that the billionaire be banned from all Wynn […]
Wynn Resorts has received a second lawsuit, this time from 9 female employees over the way it handled sexual harassment allegations against then CEO and Chairman Steve Wynn, Las Vegas Review Journal reports.
Macau will see its most expensive casino to date open its doors this week, when Wynn Resorts' high-end $4.2 billion Wynn Palace makes its debut on Monday after a series of construction delays.
Macau’s casino operators have already cut the low hanging fruit when it comes to reducing operating costs and are now struggling to further pare expenses as the slump in the market drags into its 19th straight month.With labour cuts not an easy option in Macau, the casinos face a juggling act in scaling back customer service standards without losing the customer. They are looking for creative ways to cut back behind the scenes and make every penny count.
Beijing's Hanhong Private Equity Management is taking bets on Kazakhstan's central Asian location and fast-growing economy to lure tourists to a multi-billion dollar casino resort and eco-city project in Tengri, near Almaty. The 1st stage of the resort project will cover up to 1 million square metres, with a total investment of $7 billion. If all goes to plan, the resort will open in late 2017, with plans for a further five stages over ten years that will include the construction of a new eco-city designed for up to 400,000 people.
Besides being titans in the casino world, there’s something else that Sheldon Adelson, Stanley Ho, Lim Kok Thay and Steve Wynn have in common and this factor may lead to important regulatory repercussions for their business empires.