Steve Wynn Resigns in Wake of Misconduct Allegations Ronn Torossian, CEO, 5WPR The trouble for embattled casino mogul Steve Wynn continues. His business, Wynn Resorts continues to flounder after reports of sexual misconduct directed at Wynn hit the press. Now, after a week of watching his company’s stock prices tumble, Wynn has chosen to resign his position as chairman and chief executive. Wynn released a statement saying he had to step down due to “an avalanche of negative publicity” which led to “a rush to judgment (that) takes precedence over everything else, including the facts…” Wynn has previously called the allegations against him “preposterous,” and he vowed to fight to clear his name. Those allegations stem from several instances in which women hired by Wynn for massages or other services were “pressured to disrobe” or to “perform sex acts” according to various media reports. At least one woman, a manicurist, reported the incident to human resources and told various friends and co- workers about the alleged incident. Subsequently, Wynn paid her a $7.5 million settlement. When some of these allegations came to light, The Wall Street Journal published an investigative piece last month detailed a long history of Wynn’s alleged behavior toward female staff. The Journal reported that Wynn had been accused of harassment by employees and pressuring them for sex for decades. That report touched off a firestorm, leading to Wynn losing tremendous status in the public eye. He had to resign as finance chair of the Republican National Committee, then learned that the University of Pennsylvania was revoking his honorary degree and removing his name from a scholarship at the school. Wynn’s company suffered as well. As the stock price continued to fall, the Massachusetts Gaming Commission said they would investigate the allegations, since Wynn Resorts is in the process of building a massive casino project just outside Boston. In a statement, the commission said: “(We) need to assess the overall impact and implications of this significant development…” Finally, Wynn was compelled to resign from his own board. Fellow board members expressed regret at this development. One member, Boone Wayson, praised Wynn: “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…” No one can honestly deny the impact Wynn made on Las Vegas. He is responsible for some of the most well-known landmarks in the city, including the Mirage, the Bellagio, as well as the Wynn Hotel, and Encore. Wynn also upped the ante on the overall Vegas experience, popularizing top-shelf amenities, fine dining, and high-level shopping experiences. Until a few weeks ago, this was Steve Wynn’s legacy: a man who had started with his father’s small bingo operation and a small stake in a rundown casino, then built a massive, world-spanning entertainment powerhouse. Now, that reputation is up in the air. Will Wynn take control of this narrative and regain his reputation, or will he become yet another footnote in the long list of powerful men snared by misconduct allegations? About the Author: Ronn Torossian founded 5WPR, a leading independent American PR agency. .