Steve Wynn: out as CEO

Wow....

http://www.foxnews.com/politics/2018/02/06/steve-wynn-resigns-as-ceo-wynn-resorts-company-says.html

 

Wow is right. Did RJ do "hit job" on Wynn as some have reported? People in MA talking about reviewing license for Wynn Harbor...biggest private construction deal in MA evah...is that the right thing to do?

 

Wow............I think it was a hit job myself but that's just a feeling, no proof what so ever.

 

I'm ambivalent about this. I do not excuse disgusting behaviour and using power to sexually intimidate or oppress lower level employees or women who didn't want or ask for this kind of nonsense. But punish an entire corporation (threaten MA gambling license) because of the top guy's (alleged) misdeeds? Now I read about pressure to break up the Wynn empire...and guess who are usual suspects to snap up the pieces (hello China (Galaxy) MGM, and the owner of the R-J).

 

$7.5 million payout

 

Interesting it was for a paternity suit but there's no proof he fathered a child. Abortion maybe?

I think Keith has a point. Fine Wynn, have people he has damaged sue him, make him pay and put into place "changes" so this kind of stuff can't happen again, but don't damage the company and all the people working for him and their investors.

If I'm the CEO of any company and someone 30 years ago comes forward -- I'm toast now. Fair? I don't think so.

Times change and people have different attitudes today than the past. If was going on today, that would be a different thing. But 20-30 years ago? To lose the company you founded over that? Seems like overkill to me.

 

YIKES!

The board is really piling it on Wynn. No severance and they are kicking him off the property.

https://www.reviewjournal.com/business/casinos-gaming/no-severance-pay-for-steve-wynn-must-leave-property-by-june-1/

 

This stinks...... the guy helped create the strip as it is today. So he had a couple flings, honestly few men in his position wouldn’t have, so why does he have to be taken apart and destroyed. Doesn’t anyone realise these women had choices too? Yeah yeah, he was so powerful they were too frightened to talk to anyone, blah blah blah........... no they weren’t..... this guy is not Mooney Giancana, he isn’t Lucky Luciano, he isn’t Bugsy Siegel....... he isn’t going to have the influence around himself to stop people talking about him if they were so disposed, and if his money stopped them talking, then those women should respect the fact they were happy he bought their silence before and remember the deal they made, good or bad, STFU

The witch hunts today and the fact we allow them will destroy the corporate and social world we live in, we will all have to dress in coveralls soon, ladies no heels allowed and certainly, makeup and scent will be for home use only, with your significant other only, otherwise the world will judge you impure and evil for fancying another human being and sentence you to a life of moral servitude and apology.

And for this to happen in Vegas too ........ where every waitress, hostess, server, croupier, bartender, manager and, well, woman, wants you to notice and appreciate her beauty, mostly for a few dollars extra tip...... priceless

 

I dunno man. The allegations are pretty awful. Any guy who tells a low level employee he'll fire them if they don't have sex with him is a top notch ******. Looks like plenty of women are coming forward with stories about his behavior. I agree that the business itself shouldn't have to suffer for his actions, but I can't imagine anyone defending the sort of things he's accused of.

 

This ugly picture has a long way to go before it's played out.

 

+1
If someone broke the law back in 1970 and they get justice served in 2018 then it's a fair cop. But trying to retrospectively apply 2018 etiquette to 1970 is very wonky.

 

Depends if any of it’s true, and even then, if it really happened the way it’s portrayed. I have a problem with people that come out and say ‘you know, fifty years ago someone touched my ass, and I didn’t say anything till now, but heck, it happened, I want a million bucks’. I’m betting 90% of those that follow the first accusation are in it for the cash, not the redemption

 

My brother won't talk to me over a drunken night I had with his wife.........................................in 1985..................................I was 21..................Only happened once

Of course none of it is her fault, it's all mine.

This is why when allegations come out against people I know there are 2 sides to the story. Those of us looking in from the outside never know what really happened.

 

Wynn the company is having its stock decimated bc of the allegation, obviously not a big deal still up around 100% from last january but still it was $200+ before all this and had strong earnings and lots of growth prospects. Now there is talk of Mass maybe blocking the casino there that is over 50% done and slated to open soon. 4,000 construction + 4,000 casino jobs at stake with that, all over steve wynn? Sounds a bit ridiculous to me, they're asking them to possibly rebrand it as well, probably encore, but again WTF. It is all just ridiculous, Wynn is a brand, just like Ferrari and changing the name is just ridiculous imo. I think the stock is ridiculously cheap assuming no hiccups with licenses in macau or boston over this, but I think steve stepped down to avoid that. Whenever they finally give them the license in boston I imagine it shoots right back up to $200+

 

I don't disagree but if you look at a lot of entertainment and sports businesses 30 years ago you're going to get a lot -- A LOT -- of stuff you don't want people to know about.

IMO, the board wanted Wynn out for some reason. Maybe it goes back to other events and this was the opportunity. Or they truly worried it could hurt them in Boston and Macau. He could have survived in Vegas alone.

The one guy who isn't crying is Adeleson, who just happens to own the biggest newspaper and blasted Wynn every day since the WSJ report came out.

 

I’m lucky, my brother has never had a girlfriend worth looking at, I wouldn’t have touched them with someone else’s let alone mine!

 

A connection with this settlement and Wynn being booted?

I think so.

https://www.reviewjournal.com/business/casinos-gaming/wynn-resorts-agrees-to-settle-with-universal-for-2-4b/

 

That was an interesting read. Sheds some light on what is going on behind the scenes.

 

Wynn just bombed earnings and its $145 now in the AH.....I remember when liberals forced him out and it was $200/share and said it wouldn't matter if the greatest leader the industry ever saw wasn't around......

 

Has to do with Steve's decisions in Macau more than anything else

https://www.bloomberg.com/news/articles/2018-08-01/wynn-resorts-falls-after-original-macau-casino-posts-sales-drop

The Las Vegas-based casino giant said Wednesday that revenue fell 15 percent at the Wynn Macau, driven by a decline in betting by high-rollers. Sales at the two-year-old Wynn Palace, on Macau’s Cotai Strip, jumped 57 percent, raising the possibility that the newer resort is cannibalizing the older one. Earnings at the company’s Las Vegas casinos fell 6.1 percent.

“Wynn Macau had a tough VIP environment on lower volumes from several junket operators as several competitors got back into the game with new rooms and more credit,” Chief Executive Officer Matt Maddox said on a call. “Wynn Macau won’t compete on price.”

 

It sounded like on the news all the strip casinos took a hit.

 

Don’t worry, I’m back in September, that quarter will see a surge in profits as I give them all my half year profits again! Hehehee

 

I’ll alert the girls at Sapphires for you.

 

Ahhhh, the friendliest ladies in the world! Love em all. Vegas, where even the day-shift strippers are 10’s!

 

I spent well over $200 on Heisler beer at Sapphires one night when some friends came into town. That's a lot to spend on NA beer.

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