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WYNN

Wynn Resorts

$163.22

-2.26 (-1.37%)

05:22
02/07/18
02/07
05:22
02/07/18
05:22

Wynn Resorts CEO Steve Wynn steps down, Matt Maddox named CEO

Wynn Resorts released the following statements today regarding Chairman and CEO Steve Wynn: The board of Wynn Resorts reluctantly announced that it accepted the resignation of Steve Wynn as CEO and Chairman of the board. The board has appointed Matt Maddox, currently President of the company, as its CEO, and Boone Wayson as Non-Executive Chairman of the board, effective immediately. "It is with a collective heavy heart, that the board of Wynn Resorts accepted the resignation of our founder, CEO and friend Steve Wynn," said non-executive director of the board Boone Wayson. "Steve Wynn is an industry giant. He is a philanthropist and a beloved leader and visionary. He played the pivotal role in transforming Las Vegas into the entertainment destination it is today. He also assembled a world-class team of executives that will continue to meet the high standards of excellence that Steve Wynn created and the Wynn brand has come to represent." Steve Wynn created modern Las Vegas. He transformed the city into an economic powerhouse by making it a world-wide tourist destination. He designed, built and operated the most iconic resorts on the Las Vegas strip, beginning with the Mirage, then Treasure Island, the Bellagio, Wynn Las Vegas and Encore at Wynn Las Vegas. Wynn Macau, Wynn's first resort in the SAR of Macau in China, was designated by Forbes Travel Guide as the best resort in the world. Along with Wynn Palace in Cotai, the company built by Steve Wynn has been recognized as having more Five Star awards than any independent hotel company in the world. Wynn Resorts remains as committed as ever to upholding the highest standards and being an inclusive and supportive employer. In fact, more than 40% of all Wynn Las Vegas management are women; the highest in the gaming industry. The company will continue to fully focus on its operations at Wynn Macau, Wynn Palace and Wynn Las Vegas; the development and opening of the first phase of Wynn Paradise Park, currently under construction on the former Wynn golf course; as well as the construction of Wynn Boston Harbor, which will open in June 2019. Details of Mr. Wynn's separation agreement will be disclosed when they are finalized. Steve Wynn released the following statement: "In the last couple of weeks, I have found myself the focus of an avalanche of negative publicity. As I have reflected upon the environment this has created - one in which a rush to judgment takes precedence over everything else, including the facts - I have reached the conclusion I cannot continue to be effective in my current roles. Therefore, effective immediately, I have decided to step down as CEO and Chairman of the Board of Wynn Resorts, a company I founded and that I love. The Wynn Resorts team and I have built houses of brick. Which is to say, the institution we created - a collection of the finest designers and architects ever assembled, as well as an operating philosophy now ingrained in the minds and hearts of our entire team - will remain standing for the long term. I am extremely proud of everything we have built at this company. Most of all, I am proud of our employees. The succession plan laid out by the board and which I wholeheartedly endorse now places Matt Maddox in the CEO seat. With Matt, Wynn Resorts is in good hands. He and his team are well positioned to carry on the plans and vision for the company I created. I want to thank all of the employees who have made Wynn Resorts the most admired resort company in the world, and for the support I have received from them in recent weeks. Most importantly, I want everyone to continue to be proud of this company and the many unique ways it will forever continue to delight guests."

WYNN Wynn Resorts
$163.22

-2.26 (-1.37%)

01/29/18
UBSW
01/29/18
DOWNGRADE
Target $194
UBSW
Neutral
UBS sees Wynn upside 'capped' in near-term, downgrades to Neutral
UBS analyst Robin Farley downgraded Wynn Resorts to Neutral from Buy while raising her price target for the shares to $194 from $174. The analyst sees increased risk to the company's outlook following the sexual harassment allegations against CEO Steve Wynn. The allegations and subsequent investigations will likely cap near-term upside in the stock, Farley tells investors in a research note. The analyst believes her new price target, which takes into account Wynn's recent EBITDA outperformance, does not offer enough upside for a Buy rating. Wynn Resorts in early trading is down 6%, or 11.22, to $169.07.
01/31/18
BOFA
01/31/18
NO CHANGE
Target $190
BOFA
Neutral
Wynn Resorts price target trimmed to $190 on headline risks at BofA/Merrill
BofA/Merrill analyst Shaun Kelley trimmed Neutral rated Wynn Resorts' price target to $190 from $200 citing "near-term headline risks and uncertainty."
02/01/18
JEFF
02/01/18
NO CHANGE
Target $220
JEFF
Buy
No news in Massachusetts is good news for Wynn, says Jefferies
Jefferies analyst David Katz says yesterday's Massachusetts Gaming Commission meeting yielded no conclusions or actions regarding Wynn Mass LLC's Greater Boston gaming license. The lack of conclusive results should alleviate immediate concerns about the impact to the license, Katz tells investors in a research note titled "No News Is Good News." He believes that while revocation is an option in Massachusetts, it is not likely. The analyst keeps a Buy rating on Wynn Resorts with a $220 price target.
02/01/18
NOMU
02/01/18
NO CHANGE
Target $175
NOMU
Neutral
Wynn Resorts price target lowered to $175 from $195 at Nomura Instinet
Nomura Instinet analyst Harry Curtis lowered his price target for Wynn Resorts to $175 to reflect the increased probability of a negative outcome in Massachusetts. The analyst keeps a Neutral rating on the shares following yesterday's hearing.

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