It seems we’ve reached a point in our collective American history where being a prolific sexual predator finally has a cost, and a literal one at that. Casino mogul and Republican National Committee Finance Chair Steve Wynn is taking a financial beating in the wake of the Wall Street Journal story detailing dozens of sexual misconduct accusations against him. His company Wynn Resorts has since lost $3.5 billion in revenue, and shares in the company have dropped another 9%. Wynn Resorts is still valued at $17 billion (because how real is patriarchy, am I right?) but clearly, the public is kicking Wynn, 76, where it hurts: his wallet.
Wynn’s net worth has taken a serious hit as well. He lost about $412 million in his own personal holdings in his company since Friday. His stake is now estimated to be around $2 billion. In light of the allegations, which Wynn has denied, he has stepped down as the Republican National Committee Finance Chair but remains CEO of Wynn Resorts. Here’s hoping 45 is taking notes. You can keep your hotels, Don. Just give us our country back, thanks!
As Yahoo! Finance notes, the ripple effect of the scandal is perhaps yet to be seen. Moral clauses often go hand-in-hand with gaming licenses, so shareholders have every reason to be concerned about how this could affect operations. Reportedly, investors are most concerned about Wynn’s holdings in Macau, which accounts for the majority of his business. (So much for “Buy American, hire American.”) On Monday, Bloomberg reported that the local Gaming Inspection and Coordination Bureau had been in talks with Wynn. Anxieties are said to be running high as to whether the company’s plans to expand in the region could be compromised.