The Nevada and Massachusetts gaming regulators also announced investigations.
Macau gaming regulators announced they are seeking information about Wynn Resorts’ CEO Steve Wynn’s sexual misconduct allegations. The announcement came days after the Wall Street Journal reported multiple allegations against the 76-year old Steve Wynn.
Wynn Macau Ltd. said it would comply why whatever information requests the city’s regulators might have about the Las Vegas billionaire. The company, which owns the Wynn Macau and the Wynn Palace on the Cotai Strip, said it plans to “fully cooperate with any requests”.
Macau, the former Portuguese colony less than 100 miles from Hong Kong, is the world’s largest gambling destination. Over the past ten years, Macau has surpassed Las Vegas in gambling revenue — at one time generating seven times the gaming revenues of Las Vegas each year.
Wynn Macau Ltd. Casinos
Wynn Resorts’ casino operations in Macau have been a huge part of the company’s growth in the 21st Century, especially in the years of the Global Recession. Wynn Palace opened in August 2016 as a $4.2 billion resort, so Wynn Resorts has a tremendous investment in its Chinese casinos.
Macau’s gambling regulator, the Gaming Inspection and Coordination Bureau, said it was concerned that Steve Wynn might have been “involved in inappropriate behavior in the United States.”
Wall Street Journal Report on Misconduct
The Wall Street Journal report came from interviews with 150 current and former Wynn Resorts employees. The allegations suggested that Steve Wynn sought inappropriate relations with staff members in the Wynn Las Vegas salons.
WSJ reported that multiple woman came forward with similar stoires, while their reporters learned of a $7.5 million court settlement with a former manicurist. A Wynn Resorts spokesman denied the allegations, while the board of directors announced it would launch an internal investigation.
Wynn Removed from RNC Finance Position
Already, Steve Wynn had to step down as the Finance Chairman for the Republican National Committee. He was installed in the Finance position in early 2017, while Mr. Wynn has been one of the largest donors for the RNC in the past couple of years.
Steve Wynn had traditionally poised between the Republican and Democrat parties, but became closer to the GOP in the Obama years. He sat on the Inauguration Committee for his old friend and onetime rival, Donald Trump, while becoming a frequent guest commentator on FoxNews.
Massachusetts Gaming Commission Probe
Macau is not the only regulator looking into Steve Wynn’s conduct. The Massachusetts Gaming Commission said it would investigate Steve Wynn, as the development on Wynn Boston Harbor continues apace. The $2.4 billion first-ever Boston-area casino is expected to open sometime in 2019.
The Nevada Gaming Commission announced it would launch an investigation into the many allegations, since most of the alleged misconduct took place in Las Vegas.
The Gaming Inspection Bureau in Macau sounded serious about its probe. In a statement, the bureau said that “relevant regulations will be strictly enforced” against major shareholders, directors, and principal employees of casino operators in Macau. If the Gaming Inspection Bureau banned Steve Wynn from the company’s Chinese operations, it could have serious consequences for Wynn’s position as CEO of the company.
Steve Wynn Blames Elaine Wynn
For his part, Steve Wynn claims the various allegations are fallout from his bitter divorce. He is still in a dispute with his former wife, Elaine Wynn, who is suing to have her $900 million in Wynn Resorts shares liquidated. Elaine Wynn owns the shares, but company bylaws prevent her from selling the stock. Steve Wynn claims his ex-wife threatened to ruin his reputation.
Two years ago, the Wynn Resorts Board of Directors forced Elaine Wynn to leave the board. At the time, Elaine Wynn claimed she wished to report misconduct by her former husband and claimed whistleblower protection to do so. It is unknown if Elaine Wynn’s allegations at the time had to do with the current Wall Street Journal article, because the speculation at the time suggested it had to do with financial issues. A judge did not seem to find the allegations compelling, and denied the whistleblower protection.
