Wynn lose

1 Feb 2018 By Katrina Hamlin Follow @KatrinaHamlin

Sexual misconduct allegations against U.S. mogul Steve Wynn led to a selloff of shares in his Macau casino unit. Boardroom gender inequality suggest Asia is ripe for its own scandals. But cultural norms and lack of basic freedoms make that a more distant risk for investors.

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Macau's gaming regulator met with representatives of U.S. mogul Steve Wynn in the Chinese- controlled territory over allegations that he subjected women who worked for him to unwanted sexual advances, Reuters reported on Jan. 30.

Wynn, chief executive and chairman of Wynn Resorts, said that accusations of sexual misconduct made against him that were reported by the Wall Street Journal on Jan. 26 were “preposterous.”

- The Gaming and Coordination Bureau, which oversees Macau's casino sector, told Reuters it had met with top executives from Wynn Macau on Jan. 29 to "understand the situation."

Shares of Wynn Macau had fallen 6 percent to HK$27.60 by the close of business in Hong Kong on Jan. 31, compared with Jan. 25, the day before news of the allegations broke. Shares of U.S. parent Wynn Resorts fell 17.5 percent over the same period.

Context News

Wynn, chief executive and chairman of Wynn Resorts, said that accusations of sexual misconduct made against him that were reported by the Wall Street Journal on Jan. 26 were “preposterous.”

- The Gaming and Coordination Bureau, which oversees Macau's casino sector, told Reuters it had met with top executives from Wynn Macau on Jan. 29 to "understand the situation."

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