09.022018Wynn Resort Still Facing Regulatory Problems
Wynn Resort’s stock price might have risen after Steve Wynn’s exit but the firm’s regulatory problems are just starting. Its share price rose by 8.6 percent on Wednesday to close at $177.32 as casino investors welcomed Tuesday’s news of the resignation of CEO/chairman Steven Wynn.
The announcement came ten days after the Wall Street Journal wrote the story of decade’s of sexual harassments claims by Stave against Resorts female employees – claims that he continues to deny.
The Three Latest Regulatory Probes
Wynn Resorts’ shares are still way below the $200 price they enjoyed before the journal’s report and more twists and turns appear to be on the way, especially given the three fresh regulatory probes – Macau, Nevada, and Massachusetts – into the firm’s knowledge as well as handling of the claims.
Two days ago, Massachusetts Gaming Commission (MGC) executive director Ed Bedrosian stated that MGC’s investigation “aggressively continues” and although the investigators will consider Wynn Steve’s resignation as they continue with their probe, “it won’t stop their endeavor.”
MGC Holds a Hearing Into the Claims
Last week, Massachusetts Gaming Commission held a trial to the claims, with a specific interest on the $7.50 million settlement paid to a manicurist in a private settlement in 2005. MGC investigators think that “vital steps were initiated” to hide evidence of the transaction from the public site and the Resorts officials did not disclose its existence during Wynn Resorts’ 2013 suitability trial in Massachusetts.
Some of the things, the probe will look at is Wynn Steve continued share ownership in the firm he established. He holds an 11.8 percent stake in the Resort and it appears nothing is going to force him to give up these shares anytime soon.
Furthermore, as reported by Fortune on Wednesday, Steve has contracts in place that might enable him to get an attractive handshake of $330 million.
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