Casino magnate facing investigations after sex misconduct allegations
The board of Wynn Resorts has convenes a special committee to investigate allegations of sexual misconduct by CEO Steve Wynn.
An explosive Wall St Journal report has left the company in turmoil with its share price plunging and the Massachusetts Gaming Commission also vowing a regulatory review of the allegations.
Wynn is building a $2.5 billion gaming resort near Boston.
"The suitability and integrity of our gaming licensees is of the utmost importance," a commission spokeswoman said.
Wynn Resorts said it is committed to the ‘highest ethical standards and maintaining a safe and respectful culture.’
The WSJ spoke to more than 150 people within the company with dozens detailing alleged sexual misconduct against the 74-year old casino magnate.
The report alleges Wynn settled a sexual misconduct lawsuit with a payout of $7.5 million to a manicurist.
"The idea that I ever assaulted any woman is preposterous. 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," Wynn said.
He blames his former wife Elaine Wynn.
"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."
Wynn resigned as Republican National Committee finance chairman on Sunday and his position as CEO is under serious threat.
A Wynn resorts spokesperson said the furore hasn’t yet resulted in any more booking cancelations.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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