In 2018 Wynn Resorts, famous for its gambling emprise, which includes WynnBet online casino, was involved in a scandal involving its CEO. Following a series of sexual harassment allegations, the long-time boss of the Resorts, Steve Wynn was forced to resign.
Maddox took over as CEO in February 2018, following the resignation of Steve Wynn in the wake of sexual harassment allegations.
Maddox had previously served as president of Wynn Resorts, and he has been with the company since 2002.
Who Is Steve Wynn?
Steve Wynn is a former casino magnate and businessman who is best known for his role in developing some of the most successful and well-known casino resorts in Las Vegas. Wynn was born in New Haven, Connecticut in 1942, and he got his start in the casino industry in the 1960s, when he inherited a small bingo parlor in Maryland from his father.
In the 1970s, Wynn moved to Las Vegas and began developing his first casino, the Golden Nugget. The Golden Nugget became one of the most successful casinos in Las Vegas, and it established Wynn’s reputation as a savvy and innovative businessman.
Wynn went on to develop several other casinos in Las Vegas, including The Mirage, Treasure Island, and the Bellagio, which are widely considered some of the most successful and iconic casino resorts in the world.
Over the course of his career, Wynn has been known for his lavish lifestyle and his high-profile business ventures. However, he was also known to be a major philanthropist, supporting causes ranging from medical research to the arts.
What were the allegations against Wynn?
The allegations against Wynn were first reported by The Wall Street Journal in January 2018, and they quickly led to widespread scrutiny and condemnation of his behavior.
The accusations against Wynn included claims that he had engaged in a pattern of sexual harassment and assault against employees at his casinos over a period of decades. Following the reports, Wynn denied the allegations and said that they were part of a smear campaign orchestrated by his ex-wife.
Nevertheless, the allegations ultimately led to a significant backlash against Wynn and his company, with investors and regulators calling for his resignation.
In February 2018, Wynn stepped down as CEO of Wynn Resorts and sold his entire stake in the company. Wynn has since largely retreated from public life, and his career in the casino industry has effectively come to an end.
How is Wynn Resorts doing right now?
Even though Maddox took over after Wynn resigned, his time in the company did not last long. In October 2021, the chairman of the company announced that he was stepping down.
According to a statement from Matt, he had only committed to remaining in the role for four years to help the company switch through the exit of founder Steve Wynn.
His successor and current chairman of Wynn Resorts is Craig Billings. Craig joined the company in 2017, having previously been the boss of the subsidiary Wynn Interactive.
The company presented an annual revenue of $3.757B in 2022, a 0.18% decline from 2021. However, in 2021 their revenue was $3.764B, a 79.58% increase from 2020.
What products does Wynn Resorts offer?
Wynn Resorts is a leading developer, owner, and operator of luxury integrated resorts and casinos around the world.
Currently, their resorts offer a variety of popular casino games, including slot machines, table games such as blackjack, baccarat, and roulette, and poker rooms. You can also play these games online, as you can read here: https://www.hoopcasino.com/casino/wynnbet/
The resorts also offer luxury accommodations, dining and Entertainment, upscale retail shops, a range of spa and wellness services and comprehensive meeting and event facilities.
