Wynn Resorts Stock Price Plummets Amid Sexual Assault Allegations

Billionaire casino mogul Steve Wynn was accused of sexual misconduct by several Wynn Resorts employees and affiliates detailed in a Wall Street Journal story that broke Friday. In just the one hour since the story broke in WSJ, WYNN:US stock for Wynn Resorts Ltd dropped nearly 20 points, or nearly 10 percent of its opening value.

After opening Friday at 202, Wynn Resorts Ltd stock has plummeted below 182 points as of 1 p.m. ET. Investors appear rattled by the "pattern of sexual misconduct" accusations made in the bombshell report against the casino mogul and Republican Party finance chair.

Steve Wynn, the company's CEO, is accused of sexualizing his workplace and pressuring those working below him to perform sex acts. Among the accusations against Wynn, is a manicurist who received a $7.5 million settlement after he allegedly forced the married woman to disrobe after a massage to have ultimately have sex.

Wynn has responded to the allegations, saying "The idea that I ever assaulted any woman is preposterous," the Wall Street Journal reported Friday.

Updates on Wynn's plummeting NASDAQ stock will be made until markets close Friday. Steve Wynn founded Wynn Resorts in 2002 after being chairman and CEO of Mirage Resorts, which he formed in 1973.