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.
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.
What Does the Future of Lodging Look Like?
Get the latest news about hotels and short-term rentals delivered to your inbox once a week.
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