Wynn Tumbles After Macau Government Adds to Harassment Scrutiny

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Sexual harassment allegations swirling around casino magnate Steve Wynn in the U.S. are causing ripples and headaches for Wynn Resorts Ltd. on the other side of the world in Macau.

The government of the Chinese territory has talked with Wynn management and wants to make sure major shareholders, directors and key employees meet suitable qualifications, the Gaming Inspection & Coordination Bureau said in an email. Wynn shares tumbled Monday for a second straight trading day, falling as much as 7.6 percent.

The scandal threatens to complicate Wynn’s plans for the world’s largest gambling hub, since regulators in Macau are set to outline the process for casino-license bidding later this year, with permits up for renewal beginning in 2020. The Asian gaming enclave now accounts for more than three-quarters of Wynn’s earnings, and the casino operator has big plans for a further expansion after opening the Wynn Palace there in August 2016.



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