Entity Y was created in 2005, after the accusations, exclusively for the objective of handling the settlement funds, the newspaper reported, citing the court transcript of a Wynn Resorts lawyer's comments to a judge in an October hearing stemming from Wynn's legal battle with his ex-wife.
"We continue to believe that Mr. Wynn's quintessential strength lies in his resort design abilities", said Gabelli & Co analyst Adam Trivison.
The report also clarified that details of Wynn's separation from Wynn Resorts will be disclosed as they are finalized, and then concluded with a statement from Wynn where he challenges the accusations against him. Regulators in Nevada, Massachusetts and Macau are reviewing the claims, and Wynn Resorts' board has launched its own investigation.
On Wednesday's "The Alan Stock Show", KXNT's Alan Stock spoke with Charlotte Arrowsmith, one of 11 plaintiffs in a harassment case against her former employer from her time working as a waitress at the Mirage during the 1990s.
Macau's Secretary for Economy and Finance Lionel Leong and Gaming Inspection & Coordination Bureau director Paulo Martins Chan met last week with Linda Chen, Wynn Macau's chief operating officer, to discuss the allegations swirling around the casino magnate, the bureau said in a statement Wednesday.
Casino mogul Steve Wynn is seen at a news conference in Medford Mass. in 2016
Maddox, 42, moved to the Chinese-controlled territory of Macau soon after Wynn Resorts secured its concession there.
Crosby also said the opening of MGM Springfield, planned for later this year, will not be affected by the commission's pursuit of answers from Wynn.
"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 can not continue to be effective in my current roles", Wynn said. The Macau government is likely to watch for developments in the US, he said.
"So much so that his resorts have demonstrated superior performance under the management of others, i.e. Bellagio, and thus would hold their value in an M&A scenario, which admittedly is more likely given Mr. Wynn's departure", Trivision said. WYNN stock had fallen roughly 18% as of Tuesday since the accusations were made. He remains the group's most influential stakeholder, but, however he won't be able to make any major changes in the company or to forfend a takeover on his own since his shares are outsized. That means he'll remain the single most influential shareholder at Wynn, and regulators will still have cause to examine his behavior. Maddox worked at Caesars Entertainment and as an investment banker before joining Wynn.
Wynn Resorts declined to comment on the lawsuit.