Steve Wynn, the founder, chairman, and chief executive of Wynn Resorts Ltd. faces scrutiny from shareholders after claims of sexual misconduct surfaced. The claims originated from his divorce proceeding.
Wynn investor, Richard "Trip" Miller, managing partner of Gullane Capital Partners, recommended an outside investigation. "These are darn serious allegations," said Miller.
Wynn, who just resigned as chairman of the Republican National Committee, is reported to have paid $7.5 million to settle claims brought by a former manicurist at his resort. The accusation was that Wynn pressured her to have sex with him.
Wynn, who is 76, calls the allegations "preposterous" and claims that his former wife was running a smear campaign against him, which she denies. The Wynns are fighting over nine percent stake in the company.
Since the news broke, Wynn stock has dropped by more than 10 percent.
Outside women's advocacy groups have called for Steve Wynn to resign. Christopher Palmeri "Steve Wynn accused of pattern of sexual misconduct; Wynn Resorts stock drops 10%" latimes.com (Jan. 26, 2018).