Shares in Wynn Macau rose 6% on Thursday

Billionaire Macau casino mogul Steve Wynn has resigned as CEO of Wynn Resorts after sexual assault allegations were made against him.

SCMP reports that Wynn resigned after former and current employees levelled sexual abuse allegations against him last month.

Wynn was accused by dozens of former and present employees of sexual misconduct that spread over decades. Wynn allegedly routinely pressured employees to perform sex acts.

Although initially denying the accusations as “preposterous”, Wynn resigned as chairman of the Republican National Committee on the following day.

On Wednesday, Wynn resigned as CEO of Wynn resorts. “In the last couple of weeks, I have found myself the focus of an avalanche of negative publicity. As I have reflected upon the environment this has created – one in which a rush to judgment takes precedence over everything else, including the facts – I have reached the conclusion I cannot continue to be effective in my current roles,” said Wynn.

“I am extremely proud of everything we have built at this company. Most of all, I am proud of our employees.”

Non-executive director of the board Boone Wayson said, “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. Steve Wynn is an industry giant. He is a philanthropist and a beloved leader and visionary.”

Wynn Resorts, which operates in Las Vegas and Macau, was founded and run by Wynn. Wynn Macau is one of the six major casino operators in the city. Bloomberg Billionaires Index states that Wynn has amassed a net worth of over US$3 billion.

“In the US, people are extremely sensitive to any news that is related to unfair treatment towards women,” said Sophie Lin, associate director of S&P Global Corporate Ratings.

“In China, investors might not be as sensitive to this news as those in the US, so it still needs to wait and see how much of an impact this will have on Wynn Macau. The gaming authority could not decide whether to renew its licence on this single incident.”

Shares of Wynn Resorts plummeted shed over 18% after the allegations were made. CNBC reports that shares in Wynn Macau have since risen 6% following news of Wynn’s resignation.