Wynn Shares Plummet on Sexual Allegations Against CEO

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Shares of Wynn were falling on Friday after reports revealed that the company’s CEO Steve Wynn has been alleged of a “decades-long pattern of sexual misconduct.”

According to a Wall Street Journal report, the casino CEO has engaged in sexual misconduct for many years, but Wynn says “the idea that I ever assaulted any woman is preposterous.”

According to the report, dozens of employees had “told of behavior that cumulatively would amount to a decades-long pattern of sexual misconduct.”

There were some employees who said they were pressured into having sexual acts with the mogul.

One victim,a manicurist, said she worked at Wynn’s flagship casino and had an incident in 2005 where she was forced to have sex with him in his office. Her colleagues had said she returned to the salon upset. She alleges that Wynn had her undress and lie on the massage table he had in his office.

The Wall Street Journal said it had contacted over 150 employees that used to work for Wynn or are still working for him.
Wynn remarked, “We find ourselves in a world where people can make allegations, regardless of the truth, and a person is left with the choice of weathering insulting publicity or engaging in multi-year lawsuits. It is deplorable for anyone to find themselves in this situation.”

According to Wynn, his ex-wife Elain is the one who ignited all of the false accusations as she is seeking a revised settlement on their divorce.

He explained, “I have repeatedly refused to capitulate to her demands. In response, I remain focused on Wynn Resorts, our employees and our shareholders and will not be distracted from those efforts.”

Wynn Resorts stated to CNBC:

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. It is clear that Mr. Wynn’s ex-wife has sought to use a negative public relations campaign to achieve what she has been unable to do in the courtroom: tarnish the reputation of Mr. Wynn in an attempt to pressure a revised divorce settlement from him.

It is noteworthy that although Ms. Wynn says she knew about the 2005 allegations involving Mr. Wynn in 2009, she never made them known to the board of directors, of which she was then a member, and she did not raise them until after Mr. Wynn remarried and the shareholders of Wynn Resorts voted not to elect her to the board.

Wynn Resorts is committed to operating with the highest ethical standards and maintaining a safe and respectful culture that has made Wynn Resorts the employer of choice for 23,000 employees worldwide. The Company requires all employees to receive annual anti-harassment training and offers an independent hotline that any employee can use anonymously, without fear of retaliation. Since the inception of the company, not one complaint was made to that hotline regarding Mr. Wynn.

Disclaimer: We have no position in Wynn Resorts, Limited (NASDAQ: WYNN) and have not been compensated for this article.