On Friday, The Wall Street Journal published a bombshell report saying that Wynn Resorts (WYNN Quick QuoteWYNN - Free Report) founder and CEO Steve Wynn engaged in a “decades-long pattern of sexual misconduct.” Shares of the casino giant have taken quite the hit on the news, and are currently down nearly 10% to $180.78 per share in late afternoon trading.

According to the Journal, Wynn paid $7.5 million in order to settle a claim brought by a former manicurist at his resort, who said that Wynn pressured her into having sex with him against her will.

In a statement, Wynn said that “the idea that I ever assaulted any woman is preposterous.”

Wynn also pressured massage therapists to perform sex acts for $1,000 tips, and other employees at the spa would set up fake appointments so that they would avoid contact with him, said the WSJ. Many of the women who came forward said they reported the harassment to supervisors or casino executives.

The Journal said it contacted more than 150 current and former employees, but notes that many of those who spoke out worried about their job opportunities because of Wynn’s huge influence throughout the casino industry.

Additionally, the newspaper detailed the ongoing lawsuit between Wynn and his ex-wife Elaine Wynn, who is trying to get control of her 9% stake in the company; the $7.5 million settlement has become a major part of this legal battle.

Wall Street’s Next Amazon

Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius. Click for details >>