Wynn Resorts is tanking after CEO Steve Wynn is accused of sexual misconduct

Ethan Miller/Getty ImagesWynn Resorts CEO Steve Wynn

Shares of Wynn Resort 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 $US2.4 billion, according to WSJ. The company cited him as an integral piece of the business, saying the company would be “significantly impaired” without him.

This story is developing, check back for more.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.