MA gaming panel to meet Wednesday on Wynn allegations

01 February, 2018, 01:04 | Author: Teresa Adams
  • Steve Wynn resigns as RNC finance committee chairman

Wynn, who has denied the allegations, resigned Saturday as finance chairman of the Republican National Committee.

After the Journal report, Wynn Resorts stock shares dropped 10 percent on Nasdaq.

The Massachusetts Gaming Commission has also indicated its investigations and enforcement bureau will conduct a regulatory review of the allegations against Wynn, and Nevada has followed suit.

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Macau is a tiny former Portuguese colony that is the only place in China where gambling is legal. The company is due to have its license renewed in 2022.

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In order to prove Wynn higher-ups committed securities fraud, there would have to be evidence they knew or should have known about the sexual misconduct allegations and did not disclose it to the public, according to an expert. Earnings from Macau accounted for 78% of the company's overall earnings in the fourth quarter of 2017. The allegations against Wynn come just days after Wynn Resorts reported better-than-expected quarterly earnings, with a surge in revenue from the Wynn Palace, a casino located on Macau's Cotai Strip, overshadowing weaker results out of Las Vegas.

Wynn claims the allegations relate to the break-up of his marriage. Universal Entertainment is seeking return of 24.55 million shares in Wynn Resorts that Universal Entertainment says are owed to its own unit Aruze USA Inc.

The Las Vegas gambling giant was selected as a preferred developer of a casino complex in the state following the introduction of certain changes in its Constitution that allowed the provision of commercial Las Vegas-style casino games. According to analysts, the issue could even cost Mr. Wynn's seat at his company's Board.

UBS lowered its rating for Wynn Resorts to neutral from buy on Monday, citing the rising scrutiny from regulatory bodies. The media outlet wrote that multiple former and current employees at Wynn Resorts have accused the casino mogul of varying degrees of sexual misconduct.

The Massachusetts Gaming Commission announced on Friday it would independently investigate the allegations raised in the Wall Street Journal article.

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"They were set up as an independent entity for a reason and we should give them the ability to perform their independent duty, but the allegations are serious".

He also said in a statement that the whole situation was engineered by his former spouse Elaine Wynn, who has been trying to regain control over her stake in Wynn Resorts after her ouster from the company in 2010.

The scandal has forced the tycoon to resign as the Republican Party's finance chairman, sent shares of Wynn Macau and its US -listed parent company tumbling and attracted closer scrutiny from regulators in MA, where Wynn is building a casino.

Meanwhile, two Democratic candidates for governor had already made up their mind about Wynn on Monday, calling for MA gaming regulators to cut ties with the casino magnate over the reports of sexual misconduct, harassment and assault.

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