The Republican Governors Association, the chief campaign fundraising group for GOP governor candidates, was returning $100,000 from Wynn’s company.
The Macau government “pays great attention to appropriate qualifications of gambling companies’ main shareholders, board members as well as key employees holding important positions, and will strictly implement relevant provisions”, the bureau said. Wynn called the allegations “preposterous”. No reply on the matter was provided.
Before today’s move, shares of Wynn Macau had climbed to an nearly 3 1/2-year high as VIPs return to the Chinese gambling enclave.
Wisconsin Republicans are donating contributions they received from Las Vegas billionaire Steve Wynn following sexual misconduct allegations against the former Republican National Committee finance chairman. Wynn has denied the accusations.
On this news, Wynn Resorts share price fell $20.31 or 10.12%, to close at $180.29 on January 26, 2018.
The allegations against Wynn come just days after Wynn Resorts reported better-than-expected quarterly earnings, with a surge in revenue from the Wynn Palace, a casino located on Macau’s Cotai Strip, overshadowing weaker results out of Las Vegas. When allegations against entertainment executive Harvey Weinstein surfaced last fall, RNC Chairwoman Ronna Romney McDaniel and other GOP leaders quickly called on the Democratic National Committee, its House and Senate campaign arms and individual Democratic candidates and lawmakers to refund his thousands of dollars in donations.
Gov. Charlie Baker said if the allegations are true, they would violate the commission standard that a casino operator be of good character. Wynn Resorts stock was fighting to hold support at its 50-day moving average. I really believe this should not be about any one party, it should not be partisan. In 2000, Wynn sold his company, Mirage Resorts, to MGM Grand Inc. That stake is now worth roughly $2 billion. “They must return this dirty money they received from Wynn and the RNC under Wynn’s leadership”. This was on the basis of Mr Okada allegedly providing gifts to what were then senior officials of the Philippine casino regulator, the Philippine Amusement and Gaming Corp. “If Wynn is not disassociated in all ways from the company licensed to build and operate a casino in MA, the Gaming Commission should revoke the license”. It said it has asked the company for more information.
Brokerage Union Gaming Securities LLC advised investors to remain on the sidelines regarding trading on Wynn Resorts shares. Earnings from Macau accounted for 78% of the company’s overall earnings in the fourth quarter of 2017.