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The Latest: Wynn Resorts' Probe Into Founder's Behavior Done

Written by:
Guest
Published on:
Aug/06/2018

LAS VEGAS (Associated Press) — The Latest on actions taken by the board of directors of casino operator Wynn Resorts (all times local):

4:20 p.m.

Casino operator Wynn Resorts says an internal committee has finished its investigation into the sexual misconduct allegations leveled against company founder Steve Wynn.

In a securities filing Monday, the company said the board of directors received the final presentation from the committee Friday but will not release any results publicly until gambling regulators finish their investigations.

The company says the internal committee will share its findings with gambling regulators.

Gambling regulators in Nevada and Massachusetts began investigating the allegations after the Wall Street Journal first reported them in January.

Committee chairwoman Pat Mulroy in May told investors the committee had interviewed more than 100 people and reviewed 3 million documents.

Wynn resigned as chairman and CEO of the company in February. He has denied the allegations.

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11:55 a.m.

The board of directors of Las Vegas-based Wynn Resorts is undergoing more changes.

The casino operator on Monday announced industry veteran Phil Satre has been named vice chairman of the board and will become its chairman in the coming months.

This is the latest change to the board since sexual misconduct allegations against founder Steve Wynn rocked the company earlier this year. He has denied the allegations.

Current chairman D. Boone Wayson will step down from his post by Dec. 31. Wayson in a statement called Satre's appointment "a significant step forward."

Satre was the longtime chairman and CEO of Harrah's Entertainment.

His appointment is part of an agreement with the company's top shareholder, Elaine Wynn, that limits the activist pressure she can put on the company.

Business/Financial News

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