Shares of Wynn Resorts continued falling Monday in the wake of sexual harassment and assault allegations against founder and CEO Steve Wynn.
The stock shed $13.80, or 7.6 percent, to hit $166.60 in midday trading. It has fallen about 18 percent since The Wall Street Journal reported the allegations.
The company and Wynn both vehemently denied the allegations on Friday. At the same time, the board of directors said a committee of independent directors would investigate the allegations. It will be headed by Patricia Mulroy, a board member and former member of the Nevada Gaming Commission.
Fallout from the allegations also includes Wynn’s resignation as Republican National Committee finance chairman and a review by the Massachusetts Gaming Commission. Wynn is building a roughly $2.5 billion resort in the Boston suburb of Everett.
The detailed Wall Street Journal report relies on interviews with dozens of people who corroborate a decades-long pattern of sexual misconduct with female employees. The allegations include a $7.5 million settlement with a manicurist, the paper reported.
Additionally, PaceVegas has spoken to over a dozen employees of Wynn and their Spas and have been told that more allegations are coming against Steve Wynn and other employees, and more importantly how executives at the company hid the allegations from investors and the public.
