Wynn Resorts stock price plummets after sexual misconduct report

Wynn Resorts’s stock price plummeted on Friday after The Wall Street Journal reported that chairman and CEO Steve Wynn is facing sexual assault accusations. 

The company’s shares dropped more than 9 percent to $181.66 after the report surfaced, marking the biggest drop since July of last year, according to Bloomberg.

The Journal reports that Wynn, who serves as the Republican National Committee’s (RNC) finance chair, pressured multiple employees to participate in sexual acts with him.

{mosads}Wynn reportedly reached a $7.5 million settlement with a manicurist who worked at one of his Las Vegas properties after he forced her to have sex with him. 

Wynn denied the allegations in a statement on Friday. 

“The idea that I ever assaulted any woman is preposterous. We find ourselves in a world where people can make allegations, regardless of the truth, and a person is left with the choice of weathering insulting publicity or engaging in multi-year lawsuits. It is deplorable for anyone to find themselves in this situation,” Wynn said. 

The report comes after numerous women across the country have come forward to accuse high-profile men of sexual misconduct, resulting in the “Me Too” and “Time’s Up” movements. 

Media figures such as Harvey Weinstein, Kevin Spacey and Matt Lauer stepped down from their positions following allegations against them, while politicians such as Sen. Al Franken (D-Minn.) and Rep. John Conyers Jr. (D-Mich.) resigned from their posts. 

The RNC has sharply criticized Democrats who took donations from Weinstein, demanding that the funds be returned.