>> One of the biggest names on the Vegas and Macau strips stepping down Wednesday. Steve Wynn resigned from his casino empire, the latest powerful man to quit over claims of sexual misconduct. The allegation sent the company's shares plummeting. But the announcement that Matt Maddox, a veteran of the company, will take the reins at Wynn Resorts helped win back some investor confidence.
Wynn shares rose 7% in early trading on Wednesday. But without Wynn at the helm of its brand, some analyst say it makes the company more vulnerable to a takeover. He also resigned from his finanace role in the Republican Party, now under pressure to return hundreds of thousands of dollars worth of donations.
Wynn calls the accusations which came from current and formal staff, preposterous. Claiming they were concocted by his ex-wife as part of a divorce lawsuit.