Wynn Macau’s stock hammered in fallout from Steve Wynn sexual harassment allegations
Investors flee company’s Hong Kong-listed shares after extensive sexual harassment allegations against the casino magnate
Shares of Wynn Macau, the Chinese casino operation controlled by Steve Wynn, took a hit on Monday in Hong Kong as investors fled in the wake of allegations the magnate had sexually harassed women for decades.
The allegations had already hammered parent company Wynn Resorts’ stock listed in the US and led to Wynn’s resignation as fundraising head of the Republican National Committee.
The Macau unit, which generates about 70 per cent of Wynn Resorts’ revenue, opened sharply lower on Monday and fell 6.5 per cent to close at HK$28.05, with a turnover of HK$1.2 billion. The benchmark Hang Seng Index shed 0.6 per cent to finish at 32,966.89.
Mr Wynn is the founder, chairman, and CEO of Wynn Resorts and also a prominent Republican Party donor and fundraiser.
A Wall Street Journal report on Friday alleged the 76-year-old billionaire was engaged in a decades-long pattern of sexual misconduct with dozens of employees, and forced one manicurist to have sex with him.