After allegations of sexual misconduct were brought on Steve Wynn he officially stepped down as CEO of Wynn Resorts. After the allegations started popping up in the news the stock price of Wynn tumbled down about 18% once the news broke of the reports. It showed concern from the investors and showed the significance of news like this has on the stock price of the company. It is a huge loss to lose Wynn as CEO of the gambling empire he built himself and will be interesting to see how the future plays out with both the stock price and the company as a whole. It is even affecting the foreign gambling market because the Chinese territory was the main contributor to the revenue and profit of Wynn Resorts. But it wasn't just a huge loss for Wynn but for the entire gambling side of the market because he was such a key person in all of it and to lose such a gambling frontier could show trouble possibly to other Casinos and resorts possibly. I am going to continue to look at the stock price and note the change as they keep searching for the new CEO and see what happens in the long run of the stock price and Wynn as a whole.
http://money.cnn.com/2018/02/06/news/companies/steve-wynn-stepping-down-ceo-wynn-resorts/index.html
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Also, for those who are unaware, Elaine Wynn, former spouse of Steve, accused him of coercing a manicurist employed at his Wynn Las Vegas resort to have sex with him in 2005. Wynn later paid her a $7.5 million settlement.
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