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Steve Wynn is now free to sell his stake in the massive casino business he founded.Wynn Resorts said in a filing on Thursday that Wynn, its former chief executive, and his ex-wife Elaine Wynn, have dissolved an agreement that prevented them from selling their shares.Wynn stepped down as CEO last month after allegations of sexual misconduct piled pressure on the billionaire casino mogul and sent the company's stock tumbling.The company, which operates casinos in Las Vegas and Macau, said in its filing that Steve Wynn may now "seek to sell all or a portion" of the roughly 12 million shares that he owns. Elaine Wynn owns another 10 million shares, giving them a combined 21% stake.Wynn, 76, has denied the accusations of misconduct, which gained widespread attention in late January after an investigative report by The Wall Street Journal detailed numerous allegations against him, citing dozens of sources.Shares in the company were trading above 0 in January, but dropped sharply after the allegations were made public. They have since recovered some lost ground to trade at 6.Wynn Resorts said in a separate filing in February that Wynn would not be allowed to sell more than a third of his stake in any one quarter. That restriction was not mentioned in the documents filed Thursday.Wynn is credited with transforming Las Vegas casinos from gambling dens into entertainment hubs where guests could also watch spectacular shows and eat in high-end restaurants.The Mirage, Wynn's first major casino on the Vegas Strip, opened in 1989. He then opened Treasure Island in 1993, and the Bellagio in 1998.In 2006, he opened his first casino in Macau, where gambling revenues now dwarf those of Las Vegas. An even bigger one, Wynn Palace, followed 10 years later.The-CNN-Wire 1791

The band Smash Mouth is facing criticism for playing a concert to a large crowd that were reportedly mostly mask-less. The band headlined the Sturgis Motorcycle Rally being held this week in South Dakota.Images from Sunday night’s Smash Mouth concert show a crowd packed shoulder to shoulder in some places, with few people wearing masks.At one point in the concert, a band member addressing the crowd can be heard saying "F*** that Covid s***,” according to KOTA-TV. It's unclear what he's saying before or after that comment.The group defended the concert in a statement given to Billboard; band manager Robert Hayes said "the promoter did a fantastic job with their COVID protocol. They had a very strict social distancing and mask policy in place for all workers."Hayes added comments about the "endless hours" spent to ensure the concert happened as safely as possible and “we are very happy with the outcome."Sturgis city officials allowed the annual event to go on this year, despite pleas from residents, and recommend visitors wear masks and social distance. However, masks are not required.Numbers from the South Dakota Department of Transportation indicate attendance numbers are similar to 2019 for the first few days:Friday, August 7: 49,835 entering – down 4.3% from Friday last yearSaturday, August 8: 54,804 entering – down 8.0% from Saturday last yearSunday, August 9: 56,149 entering – up 1.1% from Sunday last yearThis is the 80th year of the Sturgis Motorcycle Rally. In recent years, the event has drawn between 500,000 and 700,000 people. 1568

The attorney for the porn star who claims to have slept with Donald Trump told CNN's "New Day" on Monday to expect more evidence that suggests Trump knew about the hush agreement his client now argues is invalid.Michael Avenatti, the attorney for Stormy Daniels, said new evidence will likely be brought forward "over the next few weeks and months" that will help prove Trump was aware of a 0,000 hush agreement drawn up by Trump's personal lawyer, Michael Cohen, and executed just before the 2016 election."It is just the beginning," Avenatti said on "New Day." "We have a whole host of evidence. This is not going away. And Mr. Cohen better come clean for the American people, and they better do it quickly." 721

Starting Social Security early typically means getting a smaller benefit for the rest of your life. The penalty is steep: Someone who applies this year at age 62 would see their monthly benefit check reduced by nearly 30%.Many Americans have little choice but to accept the diminished payments. Even before the pandemic, about half of retirees said they quit working earlier than they’d planned, often due to job loss or health issues. Some have enough retirement savings to delay claiming Social Security, but many don’t. And now, with unemployment approaching Depression-era levels, claiming early may be the best of bad options for older people who can’t find a job.But the penalty for early filing, and the bonus for delaying your application, are based on old formulas that don’t reflect gains in life expectancy, says economist Alicia Munnell, director of the Center for Retirement Research at Boston College. The result is a system that unfairly penalizes early filers, unjustly benefits late filers — and hurts lower-income people the most.“Low-income people disproportionately collect benefits at 62 and their benefits are cut too much, and high-income people disproportionately delay claiming till 70 and their benefits are increased too much,” Munnell says. “So you penalize the low-income and you benefit the high-income.”The problem started off as a solutionOriginally, Social Security had one retirement age: 65. In 1956, Congress authorized a reduced benefit for women, to allow them to retire at the same time as their typically older husbands. The reduced benefit option was extended to men in 1961.The amount of the reduction was meant to be “actuarially neutral,” so that the cost to Social Security would be the same whether those with average life expectancies claimed the smaller check earlier or the larger check later.As life expectancies rose, though, early filers wound up living with the penalty for longer. In 1956, a 65-year-old woman had an average life expectancy of 16.9 years. Today, it’s 21.6 years, Munnell says. Instead of being actuarially neutral, in other words, the current system results in early filers with average life expectancies getting less.On top of that, Social Security offers a bonus for those who can afford to wait. A 1% delayed retirement credit was introduced in 1972, and the amount was increased over the years to the current 8%. So each year you put off claiming Social Security past your full retirement age adds 8% to your payment. Full retirement age varies according to birth year and is 67 for people born in 1960 or later.Let’s say your full retirement age is 67 and your benefit, if started then, would be ,000 a month. Starting at 62 would shrink the benefit to 0, while waiting until 70 to begin would boost the amount to ,240.The longer you live, the more you can benefit from a delayed filing — and the higher your income, the longer you’re likely to live. In fact, most of the gains in life expectancy in recent years have accrued to higher-income people.Between 2001 and 2014, for example, life expectancy rose by more than two years for men and nearly three years for women with incomes in the top 5%, according to a study for the Social Security Administration. During the same period, life expectancies for those in the bottom 5% of incomes rose a little less than four months for men and about two weeks for women.How benefits could change to be fairerTo restore actuarial fairness, the penalty for early filing should be lower, Munnell says. Someone who retires at 62 instead of 67 should get 22.5% less, rather than 30% less. Similarly, the bonus for waiting should be reduced to just below 7% per year.“The way it’s set up now, people will get 124% of their full benefit if they wait till 70 and they really should only get 120%,” Munnell says.Obviously, Social Security has bigger problems. Once its trust fund is depleted, as projected in 15 years or so, the system will be able to pay only 79% of promised benefits in 2035. That proportion is estimated to drop to 73% by 2094.When Congress finally gets around to fixing the system, Munnell says, it should consider making the payouts more fair.“I think there’ll be some grand bargain on Social Security at some point because I don’t think anybody’s really going to allow benefits to be cut 25%,” Munnell says. “This [actuarial fairness] probably should be put on the agenda.”This article was written by NerdWallet and was originally published by the Associated Press.More From NerdWalletHow to Renegotiate Your Bills to Save MoneyFeeling Out of Control? These Money Moves Could HelpRenters at Risk: Ways to Cope in the Financial CrisisLiz Weston is a writer at NerdWallet. Email: lweston@nerdwallet.com. Twitter: @lizweston. 4771

Surveillance video captured the moment this week when a bolt of lightning made a direct hit on a home in Daytona Beach, Florida.Cindy Holt's surveillance camera recorded the moment the home's roof was hit by the lightning.She thought her boyfriend, pulling in at the same moment, had an accident."It was huge. It shook the house ... I thought he had actually hit the garage door," said Holt. "It was scary. I just thank God nobody was in the house at the time."Immediately after the strike, they noticed smoke coming from the roof and ran to the scene.A person spoke to the residents of the house to alert them about the lightning strike."You could see the smoke. You could see there was no fire, thank God," said Holt.Firefighters think the home's electrical system is fried.There were several scorch marks in the home's eave and around a light near the garage door.Though lightning struck just the one house, several other nearby residents lost phone and/or internet service."It's scary. It's knowing that it hit that close to home," said Holt.  1100