Jan 26, 2018

Wynn stock sinks on sexual assault allegations

Wynn Resorts stock fell more than 10% on Friday, following The Wall Street Journal's publication of sexual harassment and assault allegations against founder and CEO Steve Wynn.

 Data: Money.net; Chart: Axios Visuals
Data: Money.net; Chart: Axios Visuals
  • The billionaire casino mogul has denied the allegations, calling them "preposterous.”
  • Wynn has no current plans to step down as finance chairman for the Republican National Committee, per a spokesperson's comments to The Washington Post.
  • The Massachusetts Gaming Commission has opened a review of Wynn Resorts following the allegations. Wynn is in the midst of building a multi-billion dollar casino resort just outside of Boston.
  • The stock decline shaved more than $1.5 billion off the Las Vegas-based company's market cap.
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