Wynn Stock Dives As CEO Steve Wynn Faces Sexual Misconduct Claims

Shares of Wynn Resorts (WYNN) are falling in the wake of a Wall Street Journal report detailing allegations of sexual misconduct against the casino company’s CEO, Steve Wynn.

X The Journal interviewed dozens of people, whose allegations would point to decades of sexual misconduct.

Wynn, in a statement to the Journal, said “The idea that I ever assaulted any woman is preposterous.” And he said “the instigation of these accusations is the continued work of my ex-wife Elaine Wynn, with whom I am involved in a terrible and nasty lawsuit in which she is seeking a revised divorce settlement.”

The report details accounts of female employees, including a manicurist and a massage therapist, who said Wynn asked or pressured them to perform sexual acts on him and felt that they had to do so, given his influence in the industry.

Other employees told the Journal that Wynn “often walked around some areas of the complex in extremely short shorts without underwear, and he would sit in the salon to get pedicures in such a way that his genitals were exposed.”

The stock was down 7% at 186.57 in the stock market today. Among rival casino stocks, Las Vegas Sands (LVS) edged 0.2% lower, MGM Resorts (MGM) rose 0.1% and Caesars Entertainment (CZR) was flat.

If Wynn were forced out of the company — a move that would follow the dismissals of other powerful men in the media and Hollywood — it would mark the departure of one of the most iconic figures in the casino industry, who helped evolve Las Vegas’ basic casino industry into a huge casino-resort business and brought a new standard for lavishness to the industry.

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