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.