Imagine, a casino company accused of ethics violations! But it is, after all, only an investigation. Wynn Resorts, according to CNBC, is being investigated for possible money laundering by the Manhattan and Las Vegas U.S. attorney’s offices along with the IRS and the Drug Enforcement Administration.
Wynn has been a troubled stock of late, given tighter regulations on its Macau casinos by the Chinese government. CEO Steve Wynn said, “We are not aware of any criminal investigation of the company and no agency has notified the company that it is under any kind of investigation.” Wynn added that the fact that agencies request information “in no way implies the accusation of any wrongdoing.”
The Nevada U.S. attorney’s office cannot give further information, given their policy. Wynn is not the first casino to be investigated for money laundering, and the stock dropped 2% on the news.
Steve Wynn was born Stephen Alan Weinberg in New Haven, Connecticut. His father, Michael, who ran a string of bingo parlors, and changed the family name in 1946 to Wynn when Steve was six years old “to avoid anti-Jewish discrimination.”