Shares of Wynn Resorts gain on Wednesday

Shares of Wynn Resorts Ltd. rose on Wednesday after the resignation of company Chairman and CEO Steve Wynn.

Shares gained $14.10, or 8.64 percent, to close at $177.32

Wynn stepped down late Tuesday after a barrage of reports accusing him of sexual misconduct. Wynn had repeatedly denied the accusations. Matthew Maddox replaced Wynn as CEO.

“While the exit of Wynn’s founder and visionary could leave an irreplaceable void, the news could help to assuage some regulatory overhang related to ongoing reviews of Wynn’s gaming licenses in domestic and international jurisdictions,” said research firm CFRA. “Over time, we see investors’ focus reverting to healthy fundamentals in Macau/China, where Wynn derives the bulk of its operating cash flow.”

Shares were trading near $200 a share before the first published report of Wynn’s inappropriate behavior.

Read complete coverage about Steve Wynn and the accusations of sexual misconduct.