Casino and resort magnate Steve Wynn is being investigated by his own company's board after allegations surfaced this week detailing a history of sexual harassment of female employees.
The investigation is the latest fallout from a Wall Street Journal report that broke the news of his sexual past on Friday, which he adamantly denied as false and claimed was the product of his ex-wife's attempt to get a better divorce settlement.
“The idea that I ever assaulted any woman is preposterous,” Wynn told the newspaper. Wynn, in addition to his business ventures, is also finance chairman of the Republican National Committee.
But his company, Wynn Resorts, has taken an economic hit in light of the allegations. The stock price in his hotel and resort chain dipped 10 percent in Friday afternoon trading.
"We find ourselves in a world where people can make allegations, regardless of the truth, and a person is left with the choice of weathering insulting publicity or engaging in multi-year lawsuits," Wynn said in a statement. "It is deplorable for anyone to find themselves in this situation."
The sexual allegations go back more than a decade, claiming that he forced female workers of have sex with him, based on interviews with former employees.
Wynn, who turns 76 on Saturday, said the allegations stem from his ex-wife Elaine Wynn.
He is currently "involved in a terrible and nasty lawsuit" with her over a revised divorce settlement, Wynn said.