Republicans begin to donate Steve Wynn contributions following sexual misconduct accusations

31 January, 2018, 09:41 | Author: Clint Gray
  • Billionaire Steve Wynn quits as Republican finance chief amid sexual assault claims

Gov. Charlie Baker (R-Mass.) urged the RGA to return three years worth of Wynn's donations.

The Macau government "pays great attention to appropriate qualifications of gambling companies' main shareholders, board members as well as key employees holding important positions, and will strictly implement relevant provisions", the bureau said. Everett City Councilor Michael McLaughlin weighed in on the situation Sunday night as well, saying in a statement that the allegations were "deeply concerning" to him both as a city councilor and also because he was a vocal supporter of the Wynn Everett project. No reply on the matter was provided.

Two Republican senators say their party should immediately consider returning contributions from casino mogul Steve Wynn in light of sexual harassment allegations against him. Mr Wynn has denied the allegations featured in the article.

UBS lowered its rating for Wynn Resorts to neutral from buy on Monday, citing the rising scrutiny from regulatory bodies.

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Wynn has resigned as the finance chair of the Republican National Committee after he was accused of a decades-long pattern of sexual misconduct, including demanding naked massages from female employees and pressuring them for sex.

The decision followed a report released on Friday from the Wall Street Journal alleging that Wynn engaged in sexual harassment.

Wynn Resorts announced on Friday it would form a special committee consisting exclusively of independent directors to investigate the claims against Mr Wynn. Rob Portman of OH and Dean Heller of Nevada also said Monday they were each giving $5,400 to charity. Shares of Wynn Resorts had falling about 18 percent since first allegations were reported.

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The latter was a reference to a court case involving Japanese gaming conglomerate Universal Entertainment Corp and Wynn Resorts. The RGA is also reportedly canceling its plans to hold its 2020 conference at Wynn's Las Vegas hotel.

A scenario in which Wynn Resorts loses its Macau license could unleash a disaster upon the company, as the special administrative region has become a main driving force for its growth.

Wynn, who has a net worth of $3.5 billion, according to Forbes, has donated to the RNC as well as GOP politicians that include Sens. This was on the basis of Mr Okada allegedly providing gifts to what were then senior officials of the Philippine casino regulator, the Philippine Amusement and Gaming Corp.

JPMorgan analyst Joseph Greff issued an alert on Wynn after receiving a large number investor inquiries asking about the future trajectory of the company.

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