According to a story first published by the Wall Street Journal, casino mogul and businessman Steve Wynn is being accused of sexual assault by numerous women. He is actively denying all the claims. The news comes on the heels of the 2017 earnings call for Wynn Resorts leading to a negative impact for Wynn both on Wall Street and at home.
In response to the WSJ’s story, Wynn says:
“The idea that I ever assaulted any woman is preposterous.”
Nevertheless, as seen with similar allegations against high-profile celebrities and businessmen the damage might already be done.
The Journal is claiming to have spoken to over 150 different employees as part of its investigation. Dozens are telling stories that allude to Wynn’s sexual misconduct over the course of the last few decades. Many have come out and said Wynn pressured them into performing sexual acts with him and throughout the years were hesitant to go to the press or tell someone for fear of losing their jobs.
Several stories indicate Wynn would regularly manicures and massage appointments in his office in Las Vegas, NV. With one manicurist allegedly receiving a $7.5 million settlement from Wynn after she spoke about Wynn attempting to have sex with her in 2005. According to her, she was married at the time and did not want to succumb to Wynn’s demands and even filed a report with the casino’s human resources department.
Wynn is claiming that these allegations are a result of his ex-wife, Elaine Wynn, and is strategy she is employing to benefit the outcome of her ongoing legal battles with Wynn and his company. Wynn Resorts said in a released statement.
“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.”
Since filing for a divorce in 2010, Elaine Wynn has been battling Steve in court over control for her stock in Wynn Resorts and Wynn Resorts has accused Elaine Wynn of copying confidential company data.
Part of the terms of the divorce ordered the couple to split their shares in Wynn’s company evenly. Steve agreed to re-elect Elaine to the board of directors and in return, Elaine agreed to the stipulation that she would not sell her shares in Wynn Resorts without the company’s permission.
Along with the legal battles with his ex-wife, Wynn is now faced with challenges as it relates to his business. The company recently released its earnings call earlier this month and was poised for another successful year. The company plans to build a brand-new property on the north end of the Las Vegas Strip, Wynn West, connecting with Wynn’s Beach Club outside of Encore at Wynn Las Vegas.
After the public announcement of the sexual misconduct allegations via the Wall Street Journal Wynn Resorts has gown down at least 10% on the stock market. The plunge is said to have costs Wynn Resorts $2 billion of their market capitalization.
Wynn is turning 76 on Saturday and is the latest public figure to receive sexual misconduct allegations on what is turning out to be a long list.