>> One of the biggest names on the Vegas and McCal strips, stepping down Wednesday. Steve Wynn, resigning from his casino empire. The latest powerful man to pay a price for sexual misconduct claims. The allegations, first surfaced last month in the Wall Street Journal, and have cast a long shadow over the billionaire's legacy.
They've also sent the company's share price plummeting. A 20% full on Wall Street, and 17% in Hong Kong, where the prized Wynn Macau was forced to halt trade on Wednesday. That business generates 3 quarters of the company's global revenue. Wynn himself, calls the accusations from current and former staff preposterous, claiming they were concocted by his ex-wife, as part of a divorce lawsuit.
Still, he's resigned from his finance role within the US Republican party, and now says, he can't be an effective chief executive, because of the avalanche of negative publicity. President Mark Maddox, will take his place, but without Wynn, at the helm of his own brand, some analysts feel, it makes the company more vulnerable to a takeover.