Skift Take

A mere $20 million in fines is nothing for a company that made $6.72 billion in operating revenues last year. Wynn Resorts is certainly lucky to have retained its gaming licenses in Nevada, too.

Wynn Resorts Ltd. was fined $20 million by Nevada regulators over how it handled sexual-misconduct allegations against former Chief Executive Officer Steve Wynn.

The company will pay the money as part of a settlement agreement that was announced last month. Regulators previously said they won’t seek to revoke or limit Wynn’s licenses in the state, a gambling mecca that includes the Las Vegas Strip.

Nevada was one of several jurisdictions investigating Wynn, with regulators from Massachusetts to Macau probing allegations that surfaced in the Wall Street Journal last year. They included reports that the longtime company co-founder pressured massage therapists to perform sex acts and paid $7.5 million to settle claims he forced himself on a manicurist.

Independent directors of Wynn Resorts launched their own investigation. The company — now run by CEO Matt Maddox — also added more women to its board and overhauled its policies.

©2019 Bloomberg L.P. This article was written by Nick Turner from Bloomberg and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to [email protected]


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Tags: las vegas, sexual harassment, wynn, wynn resorts

Photo credit: The actions of former Wynn Resorts CEO Steve Wynn have forced the company to pay the state of Nevada $20 million in fines. Bloomberg