Steve Wynn Casino Macau
- Billionaire casino-owner opened Wynn Macau last year Owner of Las Vegas casinos The Mirage, Treasure Island and Bellagio Rat Pack scene inspired him to move to Las Vegas in 1960s.
- Opening China will benefit Las Vegas hotels in Macau: Steve Wynn. Former Wynn Resorts Chairman and CEO Steve Wynn discusses reopening hotels and casinos and how coronavirus could impact Las Vegas.
- Casino mogul Steve Wynn, who grew up in CNY, to pay $20 million in Wynn Resorts settlement. Posted Nov 29, 2019. Wynn Macau and Wynn Palace, Cotai in Macau.
Officials in China's gambling enclave of Macau have raised concerns about sexual misconduct allegations against casino mogul Steve Wynn.
The intervention adds to mounting pressure on Wynn and Wynn Macau(WYNMF), the business that generates most of the profit for his gambling empire. The Hong Kong-listed division of Wynn Resorts(WYNN) has lost more than $2 billion in stock market value over the past two days.
The plunge comes after a Wall Street Journal investigation uncovered decades of sexual misconduct allegations made against Wynn, the 76-year-old founder and CEO of Wynn Resorts. The company's board of directors has launched an investigation into the allegations, which Wynn has denied.
Wynn had earlier criticized Macau’s regulators over their sudden decision to crackdown on the gambling industries and impose strict regulations on casino operators which hurt their bottom line. Steve Wynn stated that while his company did take a hit in Macau, things have changed in the last 12 months and Wynn Macau was once again doing well. R eports of Macau’s demise as the gambling capital of Asia have been greatly exaggerated. At least according to international casino magnate Steve Wynn, who last week opened a new $4.1-billion casino resort in the autonomous territory on the South China Sea—a city nicknamed the “Las Vegas of China.”.
In a statement Tuesday, Macau's Gaming Inspection and Coordination Bureau said it had expressed concern about reports of Wynn's 'involvement in inappropriate behavior' during a meeting with Wynn Macau's leadership. It said it has asked the company for more information.
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 Macau said in a brief statement that it will fully cooperate with any requests from the bureau. Wynn is the chairman and CEO of the Macau unit.
Wynn Macau shares sank nearly 5% in Hong Kong on Tuesday, following a 6.5% drop on Monday. Meanwhile, Wynn Resorts' stock has been hammered in the U.S., plummeting 10% on Friday and 9% on Monday.
Macau is a tiny former Portuguese colony that is the only place in China where gambling is legal. Gaming revenues in the city dwarf those of Las Vegas.
Wynn is one of a handful of companies licensed to operate casinos in the Chinese territory. It runs two huge resorts there, Wynn Macau and Wynn Palace, which together generated about 65% of Wynn Resorts' total operating profit last year.
Steve Wynn Casino Macau No Deposit
Following the allegations about Wynn reported by The Wall Street Journal, the Massachusetts Gaming Commission has said it is reviewing a license it previously issued for a resort casino to Wynn Resorts.
-- Yazhou Sun contributed to this report.