The development of events around Wynn Resorts and its leading positions is a hot topic for everyone in the industry, as there are new happenings every day. The most recent information which revolves around the company’s name came from its newly appointed Chief Executive Officer Matt Maddox who claimed that he has had no information regarding the sexual misconduct allegations against the former CEO of the company, Steve Wynn.
According to Mr. Maddox who became the new leading position on 6th February, there have been no information or reports in relation to the alleged accusations which were reported by employees of the company. It could be recalled that there have been reports about such misconduct happenings dating back to 2009 which became public at the beginning of February. What is concerning both investors in the company and gambling authorities is the fact that actions have not been taken since the first report. This confirmation that everything in the company has been alright coming from a leading position in the company perfectly aligns with the position supported by Steve Wynn himself.
He claimed that all accusations of sexual misconduct are false and nothing of the sort has happened in his company. Following Mr. Wynn’s resignation, it became clear that some of the shareholders in the company are going to sue the board of the international casino developer because they failed to look into the allegations before the scandal became public. The lawsuit filed in Clark County, Nevada, claimed, based on press reports, that “a board representative” was notified of Wynn’s alleged misconduct in 2009 by Wynn’s then-wife Elaine. There is the possibility that if measures had been taken back then, the current situation would not have been this harmful to the investors in the company as well as for Mr. Wynn himself
Future Development of the Company
Mr. Maddox has been on a leading position in the company since 2013. He might be able to take the company on a different path and introduce a more innovative way of management to the company. Analysts in the industry stated that Mr. Maddox is already well-acquainted with the operations of Wynn and will be able to sustain the policy. Since he has been close to the former CEO, he might attempt to continue the vision of the company’s founder. Mr. Maddox joined the casino developer back in 2002, so he is well into the operation of the company and its business strategies.
He pointed out that for the last four years the management of Wynn Resorts has been working on a smooth transition towards a succession plan, so the company is now prepared for the turn of events and the sudden resignation of its Chief Executive Officer. Mr. Maddox was the potential candidate for replacing Mr. Wynn and he deems himself able to continue the development of the brand and its future projects. In addition to that, the company is looking forward to improving the gender equality situation with the help of a new leadership initiative.