Wynn Resorts is tanking after CEO Steve Wynn is accused of sexual misconduct WYNNGet the Full StoryEthan Miller Getty Images
Wynn Resorts CEO Steve Wynn was accused of sexual misconduct by dozens of employees in a story by the Wall Street Journal on Friday.
Shares of the company plummeted after the report.
Wynn is alleged to have forced at least one employee into sex against their will and to have over-sexualized the workplace.
Watch shares of the company trade in real time on Markets Insider.
Shares of Wynn Resorts are tanking after allegations of sexual misconduct against CEO Steve Wynn were reported by the Wall Street Journal.
The company is trading 6.39 lower on Friday to 188.00 after the report, which cited multiple women accusing the Las Vegas magnate of pressuring them into sex and sexualizing the workplace.
Wynn has denied the allegations, calling them "preposterous."
Wynn owns a 12 stake in the company, worth about 2.4 billion, according to WSJ. The company cited him as an integral piece of the business, saying the company would be "significantly impaired" without him.
The allegations against Wynn come from dozens of employees and include at least one who received a 7.5 million settlement after Wynn allegedly had sex with the employee against their will, according to the Journal report.
Women particularly manicurists and massage therapists described Wynn requesting private appointments with them and pressuring them into sex acts with him. Several of these women said they reported the harassment to supervisors and casino executives.
Wynn built the Mirage, Treasure Island, Bellagio, Wynn, and Encore casinos in Las Vegas and joined the Republican National Committee as its top fundraiser following President Donald Trump's election.
This story is developing, check back for more.
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