Sexual harassment claims are only the latest in a long list of troubles for Wynn board
Los Angeles/Southfield — Long before allegations of serial sexual harassment against billionaire Steve Wynn reverberated from Las Vegas to Washington and Asia, the board of casino operator Wynn Resorts had come under fire for weak corporate governance and deference to its founder and chairperson. The news of the claims — which The Wall Street Journal reported on Friday — sent shares in the Macau unit as much as 6.5%down in Hong Kong on Monday. They traded at HK$28.40, down 5.3%, at 1.41pm in Hong Kong. The Macau unit accounts for the bulk of US parent Wynn Resorts’ revenue. On Friday, the US group’s shares fell 10% in New York, the most in 13 months. The board, which oversees an $18.5bn company with casinos in Las Vegas and the Chinese territory of Macau, has been criticised for overpaying Wynn and other executives while allowing perks such as corporate jets and a land deal between the company and its founder. "A board’s governance committee, auditing committee should have been look...
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