Wall Street Responds To Steve Wynn's Surprising Resignation

The godfather of gaming is no more: as reported last night, in a (somewhat) surprising development, Steve Wynn, founder and CEO of Wynn Resorts, stepped down amid sex abuse allegations as he found himself "the focus of an avalanche of negative publicity."

And While Steve Wynn’s resignation as Chairman and CEO of Wynn Resorts, and his replacement with  eases concerns over whether its Macau business can get its gaming license renewal, it does bring up questions over the company’s ownership and management stability, Wall Street analysts said.

Below is a sample of analyst reactions to the Wynn news, courtesy of Bloomberg:

BERNSTEIN

  • Wait for more clarity after the news, especially possible further management change: analysts led by Vitaly Umansky
  • "Steve Wynn is WYNN (the company). Without him, the Wynn Resorts (and Wynn Macau) is a different operation":
  • Without Wynn’s leadership in the personalities, it’s questionable whether the company could keep all key management members
  • Speculation on whether Wynn Resort could be acquired will grow

MORGAN STANLEY

  • Who will be the controlling shareholder in future would be key if Steve Wynn decides to sell off his stake in Wynn Resort: analysts led by Praveen Choudhary
  • Less concerned about Wynn Macau’s gaming license renewal

BLOOMBERG INTELLIGENCE

  • Expects little immediate impact on Wynn’s Macau business: Margaret Huang
  • In Asia, most peoples’ perception of Wynn is tied to the upscale property and product, but less to Steve Wynn as a figure

JEFFERIES

  • Wynn’s resignation reduces the risk of getting license in Macau, Boston and Nevada: analysts led by David Katz

Source: Bloomberg

Comments

buzzsaw99 Wed, 02/07/2018 - 08:04 Permalink

damn the dude sure over pays for pussy.  give any zher $7.5M and they could find better quality and quantity.  his poor decision making is why he shouldn't run a public company.  if he can't get his cost basis for blow jobs down to $10K a pop (in las vegas no less) then he obviously doesn't know how to manage other people's money.

wmbz Wed, 02/07/2018 - 08:07 Permalink

What the hell is it with all the Botox and face lifts these old farts do?

Looks like a shit, and you can't crack a smile or your face will fall off.

Grimaldus Wed, 02/07/2018 - 08:12 Permalink

Visited the Wynn Macau casino in 2008. Very impressive. If I remember correctly there were very tall hostess ladies (Russian?) that were quite stunningly beautiful. Also some show featuring more Russians but I forget the details. Place was f-ing huge. Lost some $300 on the Sic Bo tables before getting a clue on how to bet. Would love to go back there.

There was a constant huge sucking sound in the background---Chinese people's money getting flushed.

 

 

 

 

 

Grimaldus

Surveyor 59 Wed, 02/07/2018 - 09:26 Permalink

That man is not aging well despite his wealth. I met him around 87 in AC and he

was a guy that could any girl even if he didnt have a dime. But Im one of those

guys who isnt aging attractively (I can still backpack my chainsaw and tools for

miles though) so Im glad to see time catching him. Now with all that money, you

would think he could stay out of trouble and just pay for any clam he wanted.

 

Ms No Wed, 02/07/2018 - 09:52 Permalink

Wynn gave private intel on Paddock when the officials were giving us next to nothing.  What he gave completely contradicted their trying to frame him as some irrational nutter, strange and a gambling addict.  They know an addict with no rational thought or strategy when they see it.