Stephen Wynn: Casino Billionaire Leaves The Executive Chair

Stephen Wynn

After massive allegations of sexual abuse, the wealthy US casino owner has resigned from the top of his business empire.

(Photo: dpa)

Las Vegas Before starring in the #MeToo scandal, US casino owner Stephen Wynn was best known for his immense wealth. The multi-billionaire once sold Picasso’s “Le Rêve” for 139 million US dollars – and just before handing it over, he poked a hole in the painting with his elbow. The deal fell through, and the painting lost $ 54 million in value.

The negative attention he is now receiving is of a completely different caliber. Dozens of casino employees last month accused them of sexually harassing or forcing them to engage in sexual acts for years. After resigning from his position as chief financial officer of the Republican party executive at the end of January, he has now drawn further conclusions – and has resigned from the top of his business empire. The supervisory board appointed the 42-year-old previous president of the group Matt Maddox as his successor.

According to the Wall Street Journal, Stephen Wynn allegedly molested or forced dozens of employees to perform sexual acts over the years. The newspaper bases its investigative report on interviews with more than 150 women. Accordingly, Wynn showed, among other things, naked in front of them and forced them to satisfy him sexually.

The sexual assault is said to have taken place mainly in his private office suite – for example in the course of massages and manicures. According to the Wall Street Journal, some employees were so afraid of him that they would have hidden in the bathroom when he went to the wellness center at the Wynn Casino Hotel.

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The 76-year-old rejected the allegations as “grotesque”. Wynn was an important party donor to the Republicans and solicited donations for the party himself in President Trump’s first year in office. Trump has repeatedly described the multibillionaire as a “friend”, but initially did not comment on the allegations.

Wynn has built the Bellagio, Encore, Mirage, Treasure Island and Wynn casinos in the gambling paradise of Las Vegas. “The Las Vegas skyline is Stephen Wynn,” said William Thompson, Professor Emeritus of Public Administration at the University of Nevada Las Vegas and an industry expert.

Wynn developed the city’s casino landscape from small saloons to the luxury resorts of today over the course of five decades. His most famous building is the Wynn Las Vegas named after him. When it opened in April 2005, it was the tallest casino hotel in town – and at $ 2.7 billion to build, it was the most expensive hotel in the world.