i should mention that steve wynn did not cooperate with the investigators, but he continues to insistwas not involved in any way with coercing employees into relationships the hearing kicks off, brooirn, at 10:00 today we do expect to hear from elaine wynn giving testimony today as well >> okay. contessa, a couple follow-ups here the former general counsel now largely seen as instrumental in hiding or covering up this behavior that from your reporting yet, he walked away with $10 million. why? i imagine much has been made of that >> oh, the regulators were grilling ceo matt maddox and the compensation team of the board on this very issue kim sinatra was largely seeb as the person responsible for keeping a lot of these allegations and the settlements from reaching the knowledge of the board. keeping them from then president matt maddox. and why she was allowed to walk away with nearly $10 million rather than being fired for cause, the board said -- and matt maddox said they just felt like they needed to move on and turnover a new leaf. she was nine and a half years into this ten-year d

. >> the investigative report concludes thathe company didn't apply its own policies to steve wynnnd executives who knew about the settle chs didn't report them to the board and wynnts res does not contest the conclusions. >> i can kick myself from here to china, that iidn't --hat i didn't speak up. >> maddox came under fire for retaing a top executive last year who some employees mistrusted. > you were making excuses for high-level folks that had failed to do their job. and for approving undeover surveillance of a former employee who was a named source for "the wall street journal" article detailing a litany of allegations and maddox's own suitability in connection with the game license is at stake. >> this company is never going to be about a person again. >> and after steve wynn's departure and adding three new women to an overhaul boa nstituting new policies and training and they were blamed for the systemic failures. >> i am here by my >> we heard from elaine wynn, the company's largest individual shareholder and subject to gaming license call if i kalgzs. she was a board memb

steve wynn and james packer. james packer stepped down in a remarkable retreat, what from what he saidhe remains a significant shareholder. his family have been a fixture for corporate australia for more than half a century. steve wynn sold his stake in the company after stepping down as chairman and chief executive in the way of allegations of decades of sexual misconduct. macro —— wynn resorts is moving ahead, despite a downturn in spending which had been limiting crown's revenue. in fact, crown has had to scale back its asian expansions where it in fact competed. we will be watching this big deal. i'm sure you will be. now let's brief you on some other business stories. the embattled former nissan boss will be featured during a press conference in the next couple of hours. carlos ghosn‘s lawyers will speak to the press and play a message he recorded before he was re—arrested last week. mr ghosn had promised to "tell the truth" about allegations of financial misconduct against him. he denies all charges. british shoppers cut back spending for the first time in almost a year last mont

they did not conduct a full investigation. >> steve wynn has denied all allegations.ompany is scheduled to open its $2.6 million report outside of boston in june. >> in washington, senator elizabeth warren unveiled a bill tot would make it easie jail executives who have been accused of wrongdoing. the measure would widen criminal liability to ilude what they called negligent executives with corporationsmo o than $1 billion in annual revenue. aecutives could face up to year in jail for the first violation and up to three years for a second. separately, senator ron widen is proposing an annual tax on unrealized capital gains. that plan would treat the increased value of long-term investments like income although many analysts say the proposal ha little chancef becoming law. >>> key house lawmakers have reachedbipartisan agreement to move forward on legislation aimed at loweringrug prices. the measure increases competition from cheaper generic drugs by banning pay for delay agreements between branded and generic drugmakers. as you know, pay for delay is when desg compa p

a day of reckoning for wynn resorts, boston gaming regulators looking into accusations against steve wynnompany its gaming license contessa brewer joins us with more. >> reporter: the hearing has just begun we are expecting the investigators and a parade of wynn resorts executives to testify. we've just received the investigative report hundreds of pages that detail the alleged failing of this company regarding serious allegations against former ceo steve wynn, its founder. allegations of rape, serious sexual misconduct allegations, charges that he continues to deny among the findings, investigators say they determined the company failed to document allegations against steve wynn in the central file executives who knew didn't report the allegations to the board or compliance committees, the company failed to protect employees, didn't apply its own policies to steve wynn in nevada the company has admitted to turning a blind eye preetdly to the complaints of workers. ceo matt maddocks testified that the company turned over a new leaf, separating from steve wynn, overhauling the board, insti

but this was a board that was in the middle of a back and forth lawsuit between elaine wynn and steve wynn felt like they had to pick sides between mommy and daddy. they said they did not believe elaine wynn so they did not pursue their legal and fiduciary responsibility that's going to be a big sticking point for this gaming license. chairman phil satry says this business is dependent on that license. >> wow, stocks still up 40% for the year as those mcallen numbers have turned. thank you, contessa. >>> meanwhile, verizon officially opening its 5g network today as you heard at the beginning of the show more than a week earlier than expected the company's 5g network available in minneapolis and chicago. hans did join us at the top of the hour here he is explaining the benefit of being first to market >> first of all, it's for our customers. we want our customers to experience 5g first in the world, it's so important for us, we have a fantastic base of customers and of course they all have enjoyed a fantastic 4g journey with us and we want to give them 5g first in the world. that's importan

steve wynn, i should have had a two or three-year chart made.rable amount of pressure, some because of business but others because how ugly that divorce got. steve wynn even accusing his wife of the one who released all of the allegations against him and ultimately, he was kicked out of the company that he founded, he inherited as a funeral parlor and it's been ugly ever since. >> absolutely. i think in this particular case you are talking about the richest couple in the world as we just said. they probably got together before they made that announcement in january that they were going to get divorced and decided about how this was going to be treated. that would be my assumption, because otherwise, you're going to throw amazon into a frenzy. charles: would you be offended if i said they probably did listen to the lawyers? >> the lawyers might have wanted to bill a little more because they bill by the hour, so maybe they thought they would get a few hundred more hours on this one. charles: something tells me mackenzie's lawyer's like you know, y

report that said that former wyn n executives covered up sexual misconduct charges against founder steve wynne massachusetts gaming commission released that report at the start of a three-day hearing to decide whether wynn with run a $2.6 billion resort just outside of boston and they had a decade-long pattern of sexual misconduct that led to steve wynn is denying those charges and tomorrow is the day that whole foods that whole paycheck reputation at whole foods may be put to rest. why? its new boss, amazon is moving to cut prices on more than 500 items at whole foods on average the cut there could be 20% reduction in prices there, amazon bought whole foods for about $14 billion in 2017. finally, a shocking new report from the cdc, already, we're just in the beginning of april, already this year, the u.s. is seeing second highest number of measles cases, since measles was declared virtually eliminated a generation ago. 387 individual cases already confirmed in 15 states from the beginning of the year through march 28 we'll keep you updated on that story. coming up, many americans grapple wit

of the then-president of wynn las vegas had come to him and said that the wynns as a couple and steve wynn and his wife andrea had asked for a sensual massage and was making employees feel uncomfortable. maddox said he told them to knock it off and to tell the wynns to knock it off and they came back and said hey, was there some confusion was it a swedish massage and a sensual massage and it was taken care of. did you elevate that to hr did you tell general counsel and did you talk to employees? he says no listen to what happened next. >> there were a lot of different people that i think were trying to protect steve wynn, and the last thing that they would want to do is tell me. >> why is that when they report to you >> i think i'm known as a very straight arrow i am the one -- >> but one they can go right around. >> that's -- you know, mr. wynn was the boss i wasn't >> the hearing continues tomorrow with more testimony from matt maddox tough day for the company today. some explosive revelations there, melissa. >> thank you contessa brewer. she said it. explosive revelations and a tough da

maddox did you know that the company was surveilling employees thought to be team elaine that is steve wynn'shen the next yeexchange >> would you be surprised to hear that your security department surveilled elaine wynn >> i would be surprised to hear that >> i'm just -- i guess i'm struggling with a pattern of information that comes forward to that you're just not aware of >> i'm not sure what to tell you. >> reporter: he's making excuses. those are her words. this license hangs in the balance. as you can see, the wynn stock continues to climb in spite of this ongoing hearing, guys >> thank you watching it closely. very, very important for wynn. >>> sara, as our viewers note i've been out sick for a number of days but the one thing in my day that i look forward to was 3:00 i watched you and will everything went better >> i missed that >> i didn't miss you now i'm back what do you have coming back >> great to have the enthusiasm back scott minerd is here he was talking about a fed cut at the end of last year when the markets were tanking guess what now he's saying that the fed might hike in 2

report issued today alleged that executives at wynn resor were part of a cover-up to protect founder steve wynnst allegations of sexual misconduct. the investigation was conducted by massachusetts regulators and the 199-page repor was released just as a hearing got under way this morning to determine whether wynn resorts will be permitted to run a .5 billion casino resort outside of boston and keep its gaming license in that state. during this morning's hearing, a financial consultant testified that there's a lot at ske for wynn. >>. >>n resorts financial stability has not been negatively impacted by the allocations. the company is contingent uponp the c and it's gaining license in las vegas and masshusetts and macao. that is paramount to a successfully ongoing operations. >> wn resorts is still hoping to open its new encore boston harbor res jt ine. the company has been cooperating with the state's investigation for the past year. by the way, the nevada gaming commission also recentlyyn reviewed resorts and it assessed a fine of $20 million and it did allow theoompany keep its casino license t

around as the casino giant answers charges it covered accusations of sexual misconduct against steve wynn. this is my headquarters. this is where i trade and manage my portfolio. since i added futures, i have access to the oil markets and gold markets. okay. i'm plugged into equities - trade confirmed - and i have global access 24/7. meaning i can do what i need to do, then i can focus on what i want to do. visit learnfuturestoday.com to see what adding futures can do for you. >>> welcome back wynn resorts executives taking the stand for the third day at a suitability hearing in boston. contessa brewer is there and joining us with more >> reporter: they just finished talking to elaine wynn, the company's largest share holder she owns nearly a 10% stake in the company. and she was asked it describe her husband's managerial style when he was ceo. and she said that he was a bullying boss subject to mood swings she said that she was definite advice stated to learn that there were serious allegations of sexual misconduct against him and that once she started litigation against steve wynn, that

resorts hitt wynn allocations that steve wynn sexual harassed women.decision as it decides whether to revoke the license. steve wynn stepped down following reports he section harassed employees. he denies any relationships were nonconsensual. will review its investment plans in the u.k. in the event of a new deal brexit. it says tariffs and border checks would disrupt the business, prompting series questions about the long-term future in the u.k. it came as the company launched a range of electric vehicles, including passenger cars and commercial fans. >> american express is renewing its partnership with alta for -- delta for 11 years. delta is the largest co-brand partner, representing 8% of spending on the card, and more than 20% of loans. amex membership rewards to transfer into its skymiles loyalty program. >> our market coverage continues as we look ahead to the start of trading hong kong, shanghai, and shenzhen. standby. the china open is next. this is bloomberg. ♪ ♪ it is 9:00 a.m. in bank beijing. david: we are counting down to the opening of t

license in massachusetts turning explosive when the topic turned to what the board knew about steve wynn'sior. contessa has the details >> reporter: right now they're grilling people on why the company would pay out $10 million in sef rens to the general counsel when he's the person who did not elevate all the multiple allegations of sexual misconduct and even rape to the board, that she only told the board about a 2005 $7.5 million settlement she told the board in 2019 when it was a publicly filed court document a board member told the commissioners the board was froze. they went in and believed steve and trusted the general counsel who told them this was an old and cold settlement. it was a one off, an outlier she says she regretted the decision >> i could kick myself from here to china that i did not speak up that i didn't say wait a minute, who cares who's making the assertion. i let myself get sucked into that vortex of visit ree yawl, and for that i'm furious with myself >> this gaming license was issued in 2013 today the chairman testified we don't have a business if we don't have t

not only what he knew while steve wynn was his boss and mentor, but the actions he took as ceo for instancecover surveillance of a former employee who had become a main source for the "wall street journal" article and revealed some of the allegations. the commissioners pressed him on why he'd pay for severance to the existence of these settlements and allegations and also, for even though lost the trust of employees >> it seemed you made excuses for high level folks who failed to do their job. >> i am sorry you feel that way. maybe call it an excuse but it was the truth. >> reporter: it was also revealed there was undercover surveillance of employees who were known to be on team elaine and in fact, surveillance of elaine wynn herself. as testifying, being asked about her ex-husband she said a history of different kind of mood strings, accusatory conversations with employees that described as bullyish in nature her qualifications for this gaming license judged as well as matt maddox. >> what about if they don't get that gaming license? i've asked you this whole week because the stock has bee

he expressed sympathy for steve wynn, the casino owner who got in trouble. trump privately has no sort of affection or respect for the me too movement. he also talks about his -- he calls it the famous mississippi speech, where he went after b blasey ford. he sees it as saving the nomination of brett kavanaugh. i'll be cure yious to see wheth trump himself is optimistic enough to go after biden on this issue, given what he actually thinks about the me too movement. >> yeah. i'm struggling right here because this is not a me too story, is it? >> no, no, no. >> someone help me out. >> i'm not suggesting it is. i'm just saying, that's what they're appearing to do. >> this is the problem with this biden narrative that's out there. he is being painted and splashed across the headlines with me too, and sexual assault and sexual harassment being the central focus of me too, i thought. but if this is a career ender, this is someone who got a hug from biden, and he hugged someone and rubbed noses with them. i mean, joe biden is fun, nutty, and crazy, but nobody has a

when that stock was under pressure after steve wynn resigned, there was a lot of talk about wynn resortsion target. movinging bigger and into two urography is like australia, that is a way to fend off potential suitors of their own company. with access to high rollers in china, wynn resorts is one of the best at that. it is one of their specialties in macau. thinky strategically about the crown potential, they could leverage their best practices in australia, especially with crown having a vip-centric building in sydney australia. in terms of this diversification moving away from cal, these -- from a cow -- from a cal is there a fresh approach at this point? is this what we take away from these failed talks? it is ok to think about wynn resorts looking away. all parts of asia are highly desirable now. asian and rates in pacific asian markets have been better than the u.s.. australia ande interesting play, which is also an interesting market. were seeing other companies spending several billion dollars initially in singapore. korea has several billion ,ollars of development cambodia, so t

steve wynn is an example i can think of.this case, mckenzie bezos is giving jeff 75% of her stock. of will retain about 4% amazon stock, and giving him voting control. this raises an interesting question for me. you think about these start up companies where the founders have so much control, and they are so essential to the company's success. what if jeff didn't have control? maybe not because of a divorce, but if something were to happen, who takes over? who runs this company and continues to make it successful? david: on the one hand, you have dual class voting. on the other hand, it is not very democratic if you let the founder run the whole place. brooke: which we seen is not necessarily always the best thing. obviously uber is a great example. maybe the ceo is not the best one -- the founder, i mean, doesn't have the ceo gene in his body. jeff bezos obviously has been very successful, but it raises interesting questions when you have such a cult of personality. alix: look at what happened to apple. with steve jobs, eve

while steve wynn's ex got $1 billion. >> she helped thecompany.h sod quickly though? i turn to you -- >> i know. er800-lawy i don't know. everyone is at home is like she must b b divorced ach of times. i don't know. i don't know a lot about family law. but it doe feel like this was somewhat amicable because she was entitled otentially to a lot more. she seems happy. he seems happy. >> and they both release ed statements. everyone's winning. >> free amazon prime. >>hank you. >>> ahead, a look t thelife, legacy of kurt cobain on the 25-year anniversary of his death. >> first your local news. we switched. i switched. we switched. i switched to chevy. i switched to chevy. we switched to chevy. we switched for value. for family. for power. it was time to upgrade. i switched from ram to chevy. see why people are switching to chevy. we love our chevy. i love my malibu. my colorado. my camaro. my traverse. why did we switch? just look at it. ♪ just look at it. milk, fresh cream and only sustainably farmed vanilla. it's made with fresh cream, sugar and mil

includes steve wynn who is no longer involved with that company.es some interesting questions about the direction and complexion of these companies and how they'll grow going forward >> what are the implications of that sort of generational shift that seems to be going on in the industry we're talking about consolidation. some other kinds of rationalization here >> look, i think the one critical question for us, whether it's las vegas sands, whether it's wynn, whether it's mgm, it is what their growth trajectory is going to look like because what we're talking about are iconic leaders, the chief visionary, chief diplomat within those companies. they were able to pursue licenses in new markets and envision the empires they've built. now that they're not here, what will these companies become is a fair question. >> the stock right now is soaring after hours, up almost 4% ahead of that call. david, thank you >> my pleasure >>> still ahead -- the vix factor volatility slipping to new lows. what does that mean for your money in the broader market, next

accusing executives of wynn resort of covering up and hiding allegations against steve wynn. report claim. chicago mayor making her the first african-american woman, replaces rahm emmanuel of mayor of third largest city in the united states and she will handle corruption there. new yorkers oppose congestion pricing after lawmakers voted to enact congestion pricing. over half of new york city voters, 54% oppose the plan, governor cuomo said that would go to improve the city's subway system. well, we will see -- [laughter] dagen: i don't know how this is going to work but again -- maria: somebody has to pay for the subways, right in. dagen: they act like more revenue -- the big companies take deliveries in the middle of the night and are little trucks and -- you cannot get through any of these streets in midtown manhattan. maria: they are coming outside the city. dagen: i want them to issue more tickets with horn-blowing, 350-dollar fine for aggressively blowing your horn. can you imagine -- give me the ticket book. [laughter] maria: loud city that's for sure. quick break, more

boston but that was until it was revealed that the company's top brass was covering up, founder steve wynn'sthat boston casino is now in jeopardy but the stock is up. two more women reportedly accused joe biden of inappropriate contact, lisa booth joins us next and she says the left only cares about me too , when it's convenient. i'm working to keep the fire going for another 150 years. ♪ to inspire confidence through style. ♪ i'm working to make connections of a different kind. ♪ i'm working for beauty that begins with nature. ♪ to treat every car like i treat mine. ♪ at adp we're designing a better way to work, so you can achieve what you're working for. ♪ stuart: this is the one story of the hour remember that guy bryce harper signed a huge contract 330 million with the phillies? well they played his old team, the washington nationals last night and harper was met with nasty signs and look what it did , he answers the massive two run home run. a little backflip right there leading the phillies to an 8-2 victory i guess you can call that revenge, maybe. politics, we do one story and then g