Thursday, 13 December, 2018

Wynn Resorts shares plummet after Steve Wynn is accused of sexual misconduct

Wynn Resorts shares plummet after Steve Wynn is accused of sexual misconduct Wynn Resorts shares plummet after Steve Wynn is accused of sexual misconduct
Nellie Chapman | 27 January, 2018, 14:02

The report quoted accounts in which dozens of people who worked at Wynn casinos said his behavior represented a pattern of sexual misconduct, including allegedly pressuring some employees to perform sex acts with him.

Steve Wynn is accused of harassing massage therapists and forcing one staff member to have sex with him, according to the Wall Street Journal.

Steve Wynn, Las Vegas casino mogul and finance chairman for the Republican National Committee, is being accused of decades of sexual misconduct.

Shares of Wynn Resorts Ltd. dropped more than eight per cent in afternoon trading after the report was published.

Wynn is a friend of President Trump's, and past year was named finance chairman of the Republican National Committee. Numerous allegations revolve around incidents said to have occurred while he was receiving salon services or massages at Wynn Las Vegas, with tales of female workers hiding in the bathroom or in other areas when they heard Wynn was coming for an appointment. As result of that report, Wynn Resorts unilaterally bought out Okada's shares. Elaine Wynn did not immediately respond to the PBS NewsHour's request for comment.

The sexual assault allegations come in the middle of a reckoning that began with allegations against Hollywood producer Harvey Weinstein, leading to hundreds of women coming forward with their own allegations against dozens of powerful and high-profile men.

"Most of those who spoke to the Journal about Mr. Wynn said they anxious that doing so could hurt their ability to work elsewhere because of his influence in the casino industry and the state", the Journal wrote in the article by-lined by four journalists.

"The idea that I ever assaulted any woman is preposterous ..."

The manicurist was later paid a $7.5 million settlement, the Journal reported, citing unnamed people familiar with the matter.

The recent allegations about Mr. Wynn reflect allegations made in court hearings by Mr. Wynn's ex-wife, Elaine Wynn, in her legal battle with him and the company.

Steve Wynn speaks at a news conference in 2016. Some told the Journal that Wynn was known to make advances on female employees and request sexual favors. The board is the chief regulator of casinos in the state.

President Donald Trump and Wynn have had a rocky past.

Politico described Wynn as a "prolific Republican donor", though it noted he funded Democratic campaigns before 2010, too.