A report of sexual misconduct allegations against Steve Wynn hurts his casino empire
EVEN in a business where the house always wins, Steve Wynn is used to winning more than anyone else. The casinos that the billionaire has built, from The Mirage and Bellagio to Wynn Macau and Wynn Palace, helped transform Las Vegas and Macau from seedy gambling joints into luxury high-roller destinations. His fiercest rivals heaped praise on him as a visionary and perfectionist. His company, Wynn Resorts, enjoyed a “Wynn premium” from analysts and investors.
Now he could lose control of his empire. On January 26th the Wall Street Journal published an investigation detailing numerous allegations that would amount to a decades-long pattern of sexual misconduct by Mr Wynn. The board of Wynn Resorts has announced an inquiry by a special committee into the reports, the veracity of which Mr Wynn denies.