By: Steve Dellar | 01-29-2018 | News
Photo credit: @thinkprogress | Twitter

Update - Wynn Stock Hammered After Sexual Assault Allegations

Steve Wynn’s Macau stock got hammered in Asian trading today as investors decided to flee the casino magnate who came under fire over extensive sexual assault allegations during the weekend.

Already on Saturday, <a href="https://thegoldwater.com/news/16975-Video-Steve-Wynn-Steps-Down-From-GOP-After-Allegations"> as we reported,</a> Mr Wynn, decided to vacate his post at the top of the RNC as finance chairman, fearing the detailed allegations against him published in the Wall Street Journal would taint the Republican party.

Wynn Resorts’ stock listed is listed both in the US and China.

On Friday, as news of the scandal broke, Wynn stock fell more than 10% on the Nasdaq but was able to recover slightly later.

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Massachusetts Gaming Committee to review Wynn project <a href="https://t.co/YR6ZAgQkec">https://t.co/YR6ZAgQkec</a> <a href="https://t.co/YkGv7Iwn9k">pic.twitter.com/YkGv7Iwn9k</a></p>&mdash; CBS News (@CBSNews) <a href="https://twitter.com/CBSNews/status/957441115216629760?ref_src=twsrc%5Etfw">January 28, 2018</a></blockquote>

<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Meanwhile, his Macau unit, which generates about 70 percent of Wynn Resorts’ revenue, opened sharply lower on Monday on the Chinese stock index and fell 6.5 percent to close at HK$28.05.

In a further spell of bad news, the Massachusetts Gaming Commission claimed it would be reviewing the US$2 billion Wynn Boston Harbor project. The commission said in a statement it “is now aware of and is taking very seriously the troubling allegations detailed in The Wall Street Journal article.”

"Massachusetts casino law requires the commission to consider the 'integrity, honesty, good character and reputation of the applicant' when considering bids for a gaming license."

JP Morgan wrote a note to its clients as well over the weekend’s news, stating that "We think the news reports alleging sexual harassment by Steve Wynn creates a sizable overhang in the shares and see value that compensates investors for risk related to these allegations at the ~$150 level, versus the ~$180 level it last traded on Friday."

Source:

http://www.scmp.com/business/companies/article/2130990/wynn-macaus-stock-hammered-fallout-steve-wynn-sexual-harassment

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2 Comment/s
Anonymous No. 17060 2018-01-29 : 15:50

Story is well written but that is a really really bad Photoshop'ed picture…

Steve Dellar No. 17063 2018-01-29 : 16:28

No photoshop mate, but thanks for the compliment.

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