HONG KONG – While investors are transfixed by the sexual harassment allegations swirling around Steve Wynn in the US., the key to Wynn Resorts’ future sits on the other side of the world in Macau.
The impact of the claims reverberated in Macau yesterday, with Wynn Macau shares slipping 6.5 percent in Hong Kong for the biggest drop in more than a year. Some of the firm’s bonds fell the most since their issuance. The moves follow a 10 percent decline in Wynn Resorts’ stock on Friday after The Wall Street Journal reported that the casino magnate had allegedly engaged in multiple instances of sexual harassment, which company founder Wynn denied.
With the parent company facing investigations in the US and calls for Steve Wynn’s ouster, here are some reasons why the case could be a big deal for Macau too.
