Wynn Resorts continues to fall after casino mogul Steve Wynn steps down from the RNC amid sexual misconduct allegations

  • Wynn Resorts‘ stock continued to fall on Monday morning after CEO Steve Wynn was accused of sexual misconduct in a bombshell Wall Street Journal report.
  • Over the weekend, Wynn announced he would step down from his role as finance chair of the Republican National Committee.
  • Wynn was a prolific political donor, but in the wake of the allegations some lawmakers are turning their back on him, and calling for the return of his donations.
  • See Wynn’s stock price move in real time here.

Shares of Wynn Resorts continued its slide on Monday morning. On Saturday, CEO Steve Wynn stepped down from his role as the Republican National Committee’s finance chairman in the wake of allegations of sexual misconduct.

The casino giant’s stock fell 6.58% at $168.42 per share in pre-market trading.

Multiple women have accused the billionaire casino mogul of pressuring them into sex and creating a sexualized workplace, The Wall Street Journal reported on Friday. Wynn has denied the allegations and called them “preposterous.”

Wynn has been a prolific donor to Republican candidates and groups, and joined the RNC as its finance chairman after President Donald Trump’s election. He has donated mostly to Republicans, such as Sen. Dean Heller, Sen. John McCain, and former Rep. Joe Heck, though he has made a few smaller donations to Democrats, such as former Vice President Joe Biden and Hillary Clinton.

Some lawmakers have considered returning their donations from Wynn amid the allegations.

Wynn’s stock was still up 1.72% year-to-date.

Read more about how Wynn’s stock fared when the allegations first surfaced on Friday.

Wynn stock price

source
Markets Insider