Wynn Resort Shares Down on Misconduct Allegations; No Change to Moat or FVE at This Time
The Wall Street Journal has reported that Wynn Resort CEO and board chairman, Steve Wynn, engaged in sexual misconduct. Mr. Wynn says the allegations are "preposterous." Further, the company says the report reflects allegations made in court by his ex-wife, who remains in a legal battle with the company. Wynn Resorts has also noted that Ms. Wynn knew about allegations for many years but never made them known to the board of directors until after she was not reelected to the company’s board of di...Wynn Resorts is a holding company. Through its subsidiaries, the company is a designer, developer, and operator of resorts featuring hotel rooms, retail space, an array of dining and entertainment options, meeting and convention facilities, and gaming. Through its subsidiary, Wynn Macau, Limited, the company operates two integrated resorts in the Macau Special Administrative Region of the People's Republic of China, Wynn Palace and Wynn Macau. In Las Vegas, NV, the company also operates and, with the exception of certain retail space, own Wynn Las Vegas and Encore Boston Harbor, an integrated resort in Everett, MA, adjacent to Boston.
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