Wynn Resorts Stock Price Spikes After CEO Steps Down Following Sexual Misconduct Allegations

Wynn Resorts Stock Price Spikes After CEO Steps Down Following Sexual Misconduct Allegations

In today’s environment, sexual harassment victims are no longer afraid to share their experiences no matter how powerful the abuser is.

The unhealthy culture that a massive number of workers in the restaurant industry have been subjected to has been exposed through countless stories, but sexual harassment is a wide-ranging issue that exists in multiple industries.

Last month, a media frenzy ignited after the billionaire mogul and CEO of Wynn Resorts Steve Wynn was accused of decades of sexual abuse.

Although Wynn has repeatedly denied these misconduct claims and have called them “preposterous”, Wynn has resigned from his chairman and CEO role at the Vegas-based corporation.

"It is with a collective heavy heart, that the board of directors of Wynn Resorts today accepted the resignation of our founder, CEO and friend Steve Wynn," said Boone Wayson, a director of the board and who will be the non-executive chairman in a press release. "Steve Wynn is an industry giant.  He is a philanthropist and a beloved leader and visionary.  He played the pivotal role in transforming Las Vegas into the entertainment destination it is today. He also assembled a world-class team of executives that will continue to meet the high standards of excellence that Steve Wynn created and the Wynn brand has come to represent."

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