Steve Wynn’s litigation drags Wynn Resorts to Q1 2018 loss

Las Vegas-based casino operator Wynn Resorts Ltd. revenue swings into a loss in the first quarter of 2018 as it reels from Steve Wynn’s litigation expenses.

Figures released Tuesday showed Wynn’s net loss in the three-month period that ended March 31 at $204.3 million compared to a net income of $100.8 million reported for the same period in 2017.

The company attributed the net loss to the $463.6 million litigation tab of its founder Steve Wynn, who was hit with allegations of decades-long sexual harassment by several female staff members. Wynn stepped down as chairman and CEO of the company several months ago in the wake of the allegations.

Wynn Resorts recently settled its beef with Japanese casino mogul Kazuo Okada, Tokyo-based gaming conglomerate Universal Entertainment, as well as with Wynn’s ex-wife, Elaine Wynn.