Wynn Shaken by Sexual Misconduct Allegations Against Founder

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Steve Wynn

Shares of Wynn Resorts Ltd. were plunging in afternoon trading.

Wynn Resorts is denying multiple allegations of sexual harassment and assault by its founder, Steve Wynn, describing it as a smear campaign related to divorce proceedings from his ex-wife.

The Wall Street Journal reported Friday that a number of women say they were harassed or assaulted by the casino mogul. One case led to a $7.5 million settlement with a manicurist. The detailed report describes accounts from several female employees.

The company says it is committed to operating with the "highest ethical standards and maintaining a safe and respectful culture." Wynn denied the allegations personally in a printed statement.

Shares of Wynn Resorts Ltd. are plunging more than 8 percent in afternoon trading.