Shares of Wynn Resorts Ltd (NASDAQ:WYNN) remained under pressure in pre-market trading as controversy continued to hound its owner, Steve Wynn.
The Wall Street Journal (WSJ) ran a report on Friday alleging sexual misconduct on Wynn’s part, and on Saturday he resigned as the finance chair of the Republic National Committee (RNC).
Fox News will no longer book Wynn
The RNC, which was quick to attack the Democrat party for having accepted donations from film mogul Harvey Weinstein, who has been the subject of numerous accusations of predatory sexual behaviour, made no comment on the WSJ’s allegations.
The septuagenarian billionaire casino mogul, a business rival to President Trump but also a donor to “The Donald’s” political campaigns, has donated US$2.4mln to Republican causes over the past five years and more than US$1.2mln to the RNC this century, ABC News reported.
“The idea that I ever assaulted any woman is preposterous,” Wynn said in a statement.
According to the WSJ, more than 150 people have spoken out against Wynn’s behaviour.
“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,” Wynn said.
Be that as it may, even the Republican Party’s cheerleader, Fox News, has said it will no longer book Wynn to appear on its broadcasts.
The board of Wynn Resorts has formed a special committee to investigate the allegations.
The Massachusetts Gaming Commission has also indicated its investigations and enforcement bureau will conduct a regulatory review of the allegations against Wynn, and Nevada has followed suit.
Wynn points finger at ex-wife
Wynn claims the allegations relate to the break-up of his marriage.
“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 claimed.
Shares in Wynn Resorts were down 5.25% at US$171 in pre-market trading, having taken a shellacking on Friday.
In the regular session, shares fell 8.78% to US$164.46 each.