Share This Post

Main Slider / Politics / Top News

Steve Wynn loses $463M since report on allegations of sexual misconduct, report says

Steve Wynn loses $463M since report on allegations of sexual misconduct, report says

Steve Wynn, the casino billionaire, has reportedly lost $463 million after a report by The Wall Street Journal documented a history of alleged sexual misconduct by the mogul.

Axios, citing a Dec. 22, 2017 disclosure, reported that Wynn holds 12,230,334 shares of Wynn Resorts stock. The stock has taken a hit since the allegations emerged. Shares have fallen from $201.30 on Jan. 26’s opening bell to $163.48 on Jan. 29’s close.

The company and Wynn both vehemently denied the allegations. At the same time, the board of directors said a committee of independent directors would investigate the allegations. It will be headed by Patricia Mulroy, a board member and former member of the Nevada Gaming Commission.

Fallout from the allegations also includes Wynn’s resignation as Republican National Committee finance chairman and a review by the Massachusetts Gaming Commission. Wynn is building a roughly $2.5 billion resort in the Boston suburb of Everett.

The Journal report relies on interviews with dozens of people who corroborate a decades-long pattern of sexual misconduct with female employees. The allegations include a $7.5 million settlement with a manicurist, the paper reported.

The newspaper reported that Wynn’s actions were well known enough that employees would sometimes enter fake appointments in the books to help other female workers avoid him. In some cases, female employees in the salon would hide in back rooms if they knew Wynn was on his way to the casino.

Both Wynn and the company called the allegations part of a smear campaign related to divorce proceedings from Wynn’s ex-wife.

Wynn, chairman and CEO of the company he founded, is a titan in Las Vegas and played a major role in the revitalization of the Las Vegas Strip in the 1990s. It was Wynn’s company that built the Golden Nugget, The Bellagio and Mirage Resorts in the heart of town.

Fallout from the allegations also includes Wynn’s resignation as Republican National Committee finance chairman and a review by the Massachusetts Gaming Commission. Wynn is building a roughly $2.5 billion resort in the Boston suburb of Everett.

The report relies on interviews with dozens of people who corroborate a decades-long pattern of sexual misconduct with female employees. The allegations include a $7.5 million settlement with a manicurist, the paper reported.

The newspaper reported that Wynn’s actions were well known enough that employees would sometimes enter fake appointments in the books to help other female workers avoid him. In some cases, female employees in the salon would hide in back rooms if they knew Wynn was on his way to the casino.

Both Wynn and the company called the allegations part of a smear campaign related to divorce proceedings from Wynn’s ex-wife.

Wynn, chairman and CEO of the company he founded, is a titan in Las Vegas and played a major role in the revitalization of the Las Vegas Strip in the 1990s. It was Wynn’s company that built the Golden Nugget, The Bellagio and Mirage Resorts in the heart of town.

The Associated Press contributed to this report

Share This Post

Leave a Reply