Wynn Resorts shares down nearly one-fifth since Friday

Casino operator Wynn Resorts is finding no safe place to hide from the bombshell sexual harassment allegations leveled against boss Steve Wynn on Friday.

Wynn Resorts shares fell 9.3% on Monday, after shedding nearly 10% on Friday, the day the Wall Street Journal reported claims of decades’ worth of sexual impropriety by Steve Wynn against multiple female members of Wynn Resorts staff. Both Steve and the company have vehemently denied the allegations.

The carnage wasn’t confined to American markets, as the company’s Wynn Macau offshoot saw its Hong Kong-listed shares fall 6.5% on Monday, the first opportunity the Asian market had to react since the story broke.

Adding urgency to the situation, Wynn’s Macau casino concession expires in 2022, and Steve had expressed optimism just last week that preliminary discussions with Macau government officials gave the company “reason to have confidence that our businesses will continue after the initial concession expiration date.”