Risks were mitigated with WYNN CEO stepping down.Stock too a major hit with the allegations against the CEO.
When he signed the stock jumped 7%
Today the stock is down following the market (-3%)
My major concerns with the allegations were the harm on the brand.
Current and potential future deals will be affected by the allegations against the CEO.
E.g. the hotel in Boston.
However now that the CEO stepped down, those risks are mitigated. Still there, but low. I can't imagine Boston canceling the hotel after CEO Wynn stepped down.
The risk now is that the stock is characterized to be driven soley by the CEO. I am willing to bet against that risk.
I think the stock will continue to go down as the market continues down. I will treat each downward step as an opportunity to build a position. I will start building back a position today.
