Its sometimes difficult for me to admit when I am wrong, but in this case, I will admit my mistake and ask for forgiveness. In my last article about Steve Wynn, I predicted that by the end of the week (February 2, 2018) Mr. Wynn would be ousted as CEO of Wynn Resorts. Full disclosure: He wasn’t ousted but resigned, and this occurred on Tuesday February 6…… Okay okay, so I was wrong on two counts!
I assume Mr. Wynn decided that for the sake of his company and its shareholders it would best for him to leave, stating:
“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.”
When the Chairman and CEO of a publicly traded company resigns, and his name is Steve Wynn, there will no doubt be serious consequences for the company, the man and the industry. Some questions to be asked are:
Will current projects come to a halt?
Will future projects get more scrutiny?
Will people avoid Wynn Casinos and Resorts in support of women?
Will companies associated with Wynn pull out of agreements and relationships?
What will happen to Mr. Wynn?
If there was no Harvey Weinstein, Kevin Spacey, #metoo movement, and the past year’s sexual harassment cases, would these accusations against Wynn resulted in his resignation?
I honestly do not know the answer to any of these questions. I could speculate, but I try to stick with the facts and try not insert my opinion into my articles, although I have on a few occasions. What I will say is that we are all, everyone of us, innocent until proven guilty and because of unproven accusations and a witch hunt, many people will lose their livelihoods, and a person will have his reputation destroyed. Guilty or not, the court of public opinion can be brutal and swift!