Wynn Resort Shares Take a Dive amid Sexual Allegations

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Wynn Resorts boss Steve Wynn has felt a pinch to his bank account since the sexual harassment against the casino mogul emerged. The Wynn Resorts are down an additional 9.3% from Monday after a 10% dip last week Friday. The Wall Street Journal stated in an article last week that Wynn had been accused by several female staff members of the Wynn Resort of sexual harassment that has spanned for decades. Wynn and the Wynn Resort representatives have stated that the accusations are not true.

The American branch was not the only Wynn company that was negatively affected by the loss of the market share. Wynn’s hotel and casino in Macau was also affected by the Hong Kong markets as the shares fell by 6.5% on Monday, the first day that the market opened in the East since the allegations surfaced. The concession granted to Wynn’s casino in Macau ends in 2022. Wynn stated that preliminary conversations with the Macau government officials had been successful and the company was under the impression that operations in the country will commence beyond 2022.

The Wynn Macau

Bloomberg.com stated that the Gaming Inspection and Coordination Bureau in Macau had inquired about the sexual harassment accusations with the operators of Wynn Macau. If the company’s stocks continue to be pummeled, the directors and investors of Wynn’s companies will demand his resignation. Another body that has launched a probe into the allegations is the Massachusetts Gaming Commission (MGC). The MGC will host a public inquiry into the sexual harassment accusations on Wednesday.

Wynn Resorts is constructing a building the Wynn Boston Harbor. The MGC has stated that it questioned the ‘suitability’ of the operator. Elaine Driscoll, MGC’s spokesperson, proclaimed,

“the MGC’s Investigations and Enforcement Bureau immediately initiated a review of this matter to assess implications for ongoing suitability. The MGC is profoundly aware of the gravity of this matter and will proceed with the appropriate sense of urgency and rigor.”

Wynn handed in his resignation from his role as the financial chair to the Republican National Committee (RNC) on Saturday. Wynn has contributed more than $2 million to RNC since 2013.

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