Steven Wynn Is Suing Jim Chanos For Alleged Slander
Wynn's lawsuit accuses Chanos of slander "over an alleged statement that Wynn violated a US anti-bribery law."The suit alleges that on or about April 25, Chanos told guests at an invitation only event in Berkley, California that Wynn and his Las Vegas-based resorts had violated the federal Foreign Corrupt Practices Act.Advertisement
You can see video of the event here. Chanos starts speaking around 4:00 and again around 36:00.
In his lawsuit, Wynn also adds that gaming regulators in Nevada and Massachusetts, the SEC, and other government agencies have "thoroughly investigated" both him and his resorts. An no one found and reliable evidence of a FCPA violation.Wynn is seeking unspecified compensatory and punitive damages.
And on May 15, Chanos told CNBC that he would "no longer be long on the Macau casino."
Macau happens to be the only place in China where casinos are legal, and revenues have been down in June (by 3.7%), July (by 3.6%), and August (a far worse 6%).