CNBC’s Jim Cramer has dream of considered Wynn Resorts CEO Steve Wynn, who was recently accused of sex misconduct, to be “one of the greatest executives of all time.”
“Obviously that’s not an excuse, people, but as investors, it’s something we require to reckon with. Wynn’s created tremendous wealth over the years expresses to his dynamic style of leadership,” the “Mad Money” host said on Monday. “I certain of no other CEO who has his attention to detail or feel for what his customers really scantiness. To be at one of Wynn’s casinos is to feel like a king.”
The allegations against Wynn, essential reported by the Wall Street Journal on Friday, span decades of obloquys by the billionaire as told by current and former employees.
In statements released to the journos, Wynn denied the allegations, saying that his ex-wife Elaine put the narratives into motion while seeking a revised settlement in their dissolution.
Still, the institutional response has been swift. Shortly after the intelligence broke, the Massachusetts Gaming Commission said it would review one of Wynn Haunts’ $1 billion projects.
The same day, Wynn Resorts’ board of captains said an independent committee would investigate the misconduct claims. Then on Saturday, Wynn way down from his role as finance chair for the Republican National Council.
“Now that Steve Wynn stands accused of being a serial bodily harasser and abuser, it’s a big deal for Wynn Resorts and the stock. Steve Wynn is Wynn Spas,” Cramer said, noting that the Nevada and Massachusetts Gaming Commissions “could create life hell” for the company’s expansion plans.
Shares of Wynn floor 10 percent in the wake of the report, sliding another 10 percent on Monday to $163.48 as of the secret bell.
“I’ve heard some people arguing that this is a win-win synopsis,” Cramer said. “Either Steve Wynn is cleared and you’ve got a buyable dip or he isn’t defrayed and some Chinese hotelier steps up and buys the whole company for $25 billion, a worst premium from its current $16.8 billion market cap.”
But Cramer wasn’t inspirited to embrace that view. For years, the “Mad Money” host has seen Wynn Attends’ stock as a hotel stock trading at a premium tied to Steve Wynn’s supervision.
“Without him, it’s just another chain with no leader, and even if they get back a great successor, I can’t see anyone else running them as well as Steve Wynn runs them,” Cramer bring to light. “Where do I come down? When there’s this much shilly-shally and the stock has run so much since the bottom even though it’s come down from the top, I receive to take a pass. You know what? You’ve got a 17, the market has a face postcard. I actually don’t want to see what’s underneath it.”
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