RadioOnFire.com - Real estate tycoon Steve Wynn has taken a costly hit since reports surfaced last week about a slew of sexual misconduct allegations he is facing. According to a CNN Money report published on Tuesday morning, January 30, the famed luxury casino owner has lost about $450 million of his fortune, and the news broke only four days ago.
Although the latest stock market readings document a small 1.2% rally that has helped Wynn Resorts (WYNN) recoup a value of $23.5 million, it had already suffered a staggering 10% drop on Friday and fell 8% to open the week on Monday. The 18% overall dip resulted in Wynn's 12.1 million shares in the company losing $246 million followed by a $204 million loss from one day to the next. Wynn's ownership of 11.8% of all company shares still holds a value of $2 billion.
The board overseeing Wynn Resorts is currently investigating the misconduct reports and will be weighing whether or not to relieve the company founder of his role as CEO in the days and weeks ahead. WYNN has put up some impressive financial numbers in recent times, with an overall gain of 132% since the start of 2017 and a 41% revenue jump that leveled out at $6.3 billion. Profits have tripled to $747 million over that time, making news of a downturn a huge deal to company shareholders.
Source: complex.com
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