Wynn shares tumble 6% after reports of 'decades-long pattern of sexual misconduct' by CEO Steve Wynn
Source: CNBC
Wynn Resorts stock dropped 6 percent in trading Friday after The Wall Street Journal reported allegations of sexual misconduct by billionaire CEO Steve Wynn over many years.
Dozens of people who worked at Wynn's casinos say his behavior created a pattern of sexual misconduct, according to the report, with some describing employees being pressured into performing sex acts with Wynn.
Wynn would regularly have manicures, makeup applications and massages performed at his office at the Wynn resort in Las Vegas, according to the WSJ. Former employees of Wynn say they would schedule fake appointments for female workers to avoid requests for those services, the report says.
Read more: https://www.cnbc.com/2018/01/26/wynn-stock-drops-7-percent-after-alleged-sexual-misconduct-by-steve-wynn-report.html
titaniumsalute
(4,742 posts)It needs to be valued at $0 so Wynn doesn't have the funds to mount a defense, and are now forced to sell off all of his assets to pay for the damages.
Blue_Adept
(6,402 posts)It'll certainly help the employees and shareholders of the company that had nothing to do with it.
Weed Man
(304 posts)If Steve Wynn is counting on the stock to maintain his value, then he is worthless on paper.
His employees will keep their jobs at a soon-to-be renamed Wynn resorts. No problem there.
Wynn also fucked his shareholders by screwing around. So shareholders are left with nothing but lawsuits to get their value back from Wynn, so it's a double whammy which he deserves.
erronis
(15,328 posts)I don't give a shit about the shareholders. In fact I hope most of them dissolve to rot. I've worked in "asset management" which is "how to make money off of stupid investors - even big ones."
Employees I do care about. This is the typical screwing of US workers by entities such as Bain Capital (remember RMoney?). Koch and most other mega-corps could not care about the workers. This rot is spreading (or was there for a long time) with IBM, GE. Now spreading to the high-tech Microsoft, Google, Apple.
Wellstone ruled
(34,661 posts)Both of the Las Vegas News Papers are not reporting this story as well as any of the Electronic Media. Gee,Sheldon Adelson is keeping the lid on his Pal's discretion's.
Floyd R. Turbo
(26,584 posts)from other operators, the press, politicians, the judiciary, and law enforcement.
Wellstone ruled
(34,661 posts)site. This is causing earthquakes along the Stripe today. Just imagine Lawyers with Card Tables setup in front of Wynns Joints trolling for Customers.
Floyd R. Turbo
(26,584 posts)Wellstone ruled
(34,661 posts)commercial's on tonight's local news,from the Bumper Chaser Crowd trolling for Customers.
DonViejo
(60,536 posts)https://www.rawstory.com/2018/01/rnc-finance-chair-paid-7-5-million-keep-rape-allegations-secret-report/
George II
(67,782 posts)....just adds to his reputation as slime.
Stuart G
(38,445 posts)irisblue
(33,023 posts)They're tainted.
Stuart G
(38,445 posts)I hope that the Democratic Party goes after him, like the Republicans went after Hillary.
Sexual Predator ???......vs ...lost emails?....what do you know???
Beaverhausen
(24,472 posts)irisblue
(33,023 posts)That the GOP tosses his ass out. Won't happen unless Dems scream, long, hard & loud . GOP has no shame.
Fred Sanders
(23,946 posts)Blue Owl
(50,494 posts)n/t
BobTheSubgenius
(11,564 posts)They are unbelievable. Unspeakable, at times.
RainCaster
(10,914 posts)Will the RNC reward this POS by letting him keep his job as the Finance Chair of the RNC?
What about the money he donated to the RNC? WIll they return it to him, like they said the DNC should do with the Harvey Weinstein donations?
Inquiring minds want to know.
catbyte
(34,447 posts)sleazeball Harvey Weinstein. Probably not because their go-to position seems to be: Every woman who accuses a Democrat of sexual misconduct is telling the God's honest truth--with or without "proof", but every woman who accuses a Republican of sexual misconduct is an attention whore, a Democratic dupe, and/or lying because the Republican accused hasn't been convicted in a court of law. The hypocrisy makes me actually sick to my stomach.
disalitervisum
(470 posts)Caused a big stink in the casino industry when he instituted a policy that mandated 20% of front-line employees tips go to management personnel. Every other gaming company had to issue statements reassuring their employees that they would not follow suit. Wynn is widely held in contempt by his former casino employees. This is probably where trumpervert got his recent inspiration to take yet more money from tipped employees.