Monday, 24 September, 2018

Wynn Resorts shaken by misconduct claims against founder

Casino mogul Steve Wynn Casino mogul Steve Wynn
Nellie Chapman | 30 January, 2018, 00:09

Wynn Resorts' stock continued to fall on Monday morning after CEO Steve Wynn was accused of sexual misconduct in a bombshell Wall Street Journal report. And the company made no comment about suspending Wynn while the investigation is conducted.

He said solving the company's branding problem through selling is "not that easy", saying that the vast majority of Wynn Resorts cash flow "comes out of Macau".

The Wall Street Journal article included allegations by a manicurist that allegedly received a US$7.5-million settlement from Mr Wynn after complaining he ordered her to have sex with him in 2005.

Members of the Republican National Committee are gathering in Washington next week and are expected to approve a new finance chair. "I thought it was important for the folks on our political team to reach out to the RGA and say if Wynn's given any money since the last cycle, they should give it back, and the RGA shouldn't take any money from them going forward".

Las Vegas casino mogul Steve Wynn resigned as finance chairman of the Republican Party's fundraising arm on Saturday, a day after a newspaper reported that he routinely subjected women who worked for him to unwanted sexual advances. "The unbelievable success we have achieved must continue", Wynn said, according to multiple media reports.

Warren said Wynn should lose his operational control and ownership interest in Wynn Resorts, and MA should not go forward with the casino while Wynn remains at its helm. Wynn Boston Harbor, the $2.4-billion integrated resort now under construction on the Everett waterfront near Boston, is slated to open doors next spring.

Among 28 analysts covering Wynn Resorts (NASDAQ:WYNN), 14 have Buy rating, 1 Sell and 13 Hold.

As mentioned above, Mr. Wynn dismissed the sexual misconduct reports, further suggesting that these could have been spread by his former spouse Elaine Wynn, whom he is engaged in a years-long legal war with. DeLeo said lawmakers did not discuss what happens if someone is deemed unsuitable after a license is granted. He is a longtime friend to the president, who himself once owned a casino, and Wynn was Trump's pick to be the party's top finance official.

The former press secretary spoke to Craig Melvin and the RNC, along with various candidates, should return the money donated by Wynn, given those serious allegations.

"They couldn't tolerate having him in that role, given what the party leadership had said about Democrats and Harvey Weinstein".

Since 2013, Wynn has contributed almost $2.4 million to GOP candidates and party organizations around the country, including 2017 special election winners as well as dozens of state Republican Party committees.

In early October, McDaniel tweeted that if the Democratic National Committee "truly stands up for women like they say they do, then returning Weinstein's dirty money should be a no-brainer".

The RNC winter meeting will be held in Washington, D.C., next week beginning January 31.