International edition
September 23, 2021

In Hong Kong

Wynn Macau shares rise 8% after CEO resigns

Wynn Macau shares rise 8% after CEO resigns
Wynn Macau's license is up for renewal in 2022 and analysts said pressure and scrutiny on the casino's status, marred by the scandal, may ease with its founder's departure.
Macau | 02/09/2018

After founder Steve Wynn left his post as chairman and CEO of Wynn Resorts, shares in the casino operator's subsidiary in Macau jumped to HK$27.00 (USD 3.5) on Thursday.

W

ynn is one of six licensed operators in Macau, which is the only part of China where casino gambling is legal and generates revenue that far surpasses that of Las Vegas.

After US gaming tycoon and founder Steve Wynn stepped down as head of Wynn Resorts following allegations of sexual misconduct, shares in the company surged 8.00 percent to HK$27.00 (USD 3.5).

Authorities are bolstering their oversight of the city's gambling industry ahead of license renewal talks as concessions start to expire in 2020.

Wynn Macau's license is up for renewal in 2022 and analysts said pressure and scrutiny on the casino's status, marred by the scandal, may ease with its founder's departure.

"Macau's regulator has emphasized it needs to make sure if the key persons of casino operators are suitable," David Bonnet, partner at Delta State Holdings Ltd, told Bloomberg News.

las Vegas-based Wynn Resorts shares tumbled last month following a report in the Wall Street Journal alleging he pressured staff to perform sex acts. Shares in the firm surged 8.6 percent in US trading Wednesday after Wynn's resignation.

The 76-year-old former business rival turned political ally of President Donald Trump resigned late last month from his role as Republican National Committee finance chairman, a post he had assumed after his friend took office last January.

Wynn has denied the allegations and accused his ex-wife Elaine of instigating them as part of a "terrible and nasty lawsuit" seeking a revised divorce settlement.

Yogonet.com / Yahoo.com
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