Steve Wynn resigns as RNC finance chair amid sex assault allegations

Steve Wynn resigns as RNC finance committee chairman

Wynn, a major Republican donor, is building a resort casino in Everett.

Paul Ryan will donate contributions received from a Steve Wynn linked group following allegations of sexual misconduct against the casino mogul.

The Las Vegas-based company made the announcement after a Wall Street Journal investigation published Friday morning detailed a decades-long pattern of sexual misconduct by Wynn based on dozens of interviews with former employees.

On these revelations, the Massachusetts Gaming Commission announced that it would open a regulatory review into the Company over the sexual misconduct allegations reported in The Wall Street Journal article.

Macau, a former Portuguese colony near Hong Kong, is the world's most lucrative casino market and the main source of profits for Wynn and other foreign gambling companies.

No sizable upside opportunity exists until the company reaches the $150-per-share level, he said. The Democratic party responded to the allegations by asking the RNC and Republican candidates Wynn backed to return his donations, or donate an equal amount to charity. Institutional Shareholder Services Inc., the proxy advisory firm, previous year gave Wynn Resorts its worst ranking for governance risk.

The group received a contribution of $100,000 from Wynn Resorts in September for the 2018 campaign. Ron Johnson said he was giving the $5,400 he got in 2016 from Wynn to a domestic abuse victims service in Oshkosh, Wisconsin.




Commenting on the allegations involving Mr Wynn and the near-term potential impact on the stock price of Wynn Resorts, Deutsche Bank Securities Inc analysts Carlo Santarelli and Danny Valoy said it was "hard to access".

"The governor finds these allegations deeply troubling, and his campaign has not received any contributions", Walker campaign spokesman Nathan Craft said.

RNC Chairwoman Ronna Romney McDaniel told committee members Saturday she had accepted Wynn's resignation as finance committee chairman. However, analysts believe that the sexual harassment allegations against Mr. Wynn could affect Macau regulators' inclination to reissue Wynn Macau the necessary authorization to operate in the China-controlled region. Rob Portman of OH and Dean Heller of Nevada also said Monday they were each giving $5,400 to charity.

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.

In 2012, Wynn Resorts' board voted to cancel a 20 percent stake in the firm held by Universal Entertainment.

Wynn, President Donald Trump's foe-turned-friend, was at one point Trump's casino-business rival. Meanwhile, Wynn Resorts' stock has been hammered in the US, plummeting 10% on Friday and 9% on Monday.

Later he formed another company, opening Wynn Las Vegas in 2005 and Encore Las Vegas in 2008 on land that included the famous Desert Inn.

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