Wynn Resorts, Limited WYNN plummeted more than 7 percent Friday after CEO Steve Wynn was reported to have pressured employees to engage in sexual acts.
Wynn rejected “dozens” of allegations, as reported by The Wall Street Journal.
“The idea that I ever assaulted any woman is preposterous,” he said in a statement. “We find ourselves in a world where people can make allegations, regardless of the truth, and a person is left with the choice of weathering insulting publicity or engaging in multi-year lawsuits. It is deplorable for anyone to find themselves in this situation.”
He went on to blame his ex-wife, who is seeking revision to their divorce settlement, of instigating the controversy.
However, the WSJ investigation found that he’d paid a $7.5 million settlement to one identified accuser.
Sexual assault allegations have forced management turnover in a number of companies, including Amazon.com, Inc. AMZN. The fallout with Steve Wynn may drive similar decisions at Wynn Resorts, forcing out the founder who led Wynn Resorts to 96-percent stock gains over the last year.
Notably, Wynn currently serves as the finance chairman of the Republican National Committee.
At time of publication, Wynn shares were trading down 7.2 percent at $186.24.
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