Steve Wynn created LLC to hide sex misconduct settlement

Scores of women have alleged the Wynn Resorts chief exec assaulted them

TRD LOS ANGELES /
Feb.February 05, 2018 02:00 PM
Steve Wynn (Photo by Ben Gabbe/Getty Images for Stuart Weitzman)

Steve Wynn, chief executive of Wynn Resorts, created a limited liability company, called Entity Y, to hide a $7.5 million settlement with a Wynn employee who had accused him of sexual misconduct.

More than 100 women have publicly denounced the casino magnate for decades of sexual misconduct, the Wall Street Journal reported.  Among those is a female manicurist at Wynn Las Vegas. She allegedly received the multimillion-dollar payment in 2005 after Wynn forced her to have sex with him, according to the paper, which cited state records.

That incident was mentioned in a lawsuit brought by Wynn’s ex-wife Elaine, who is unable to sell her stock in the company as part of an earlier agreement with her ex-husband and the company. She claims her ex-husband used company personnel and resources to conceal the sexual allegations.

Steve Wynn has vehemently denied the allegations of assault, calling them “preposterous” and said it was the workings of his ex-wife’s litigation strategy. His lawyers also claim he used personal, not company funds for the settlement.

Entity Y, created solely to handle the settlement funds, was founded in 2005. Its manager is listed as James Pisanelli, who is now representing Wynn Resorts in the lawsuit. A partner at the registered firm Brownstein Hyatt Farber Schreck LLP had worked with Wynn, Wynn Resorts and Wynn’s prior gaming companies since 1976, the firm’s website shows.

The hotelier resigned from his position as finance chair for the Republican National Committee on Jan. 27, after the allegations surfaced. His upcoming casino project in the Boston area hangs in jeopardy now, as state regulators investigate the claim to determine whether Wynn is a “suitable” casino operator.

He owns four Wynn- and Encore-branded casinos spread from Las Vegas to Macau, China. He also built and sold the Mirage, Treasure Island and Bellagio Resorts in Las Vegas. [WSJ] — Natalie Hoberman


Related Articles

arrow_forward_ios
LA promo

Coming Soon: The Real Deal Los Angeles’ Winter 2020 issue!

From left: Howard Schwimmer and Michael S. Frankel, with 1601 W. Mission Boulevard and 2757 E. Del Amo Boulevard (Credit: Google Maps)

Rexford Industrial adds to LA portfolio with $100M in acquisitions

Andrew McDonald and At Mateo in the Arts District

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more

3339 Exposition Blvd. and Asher Luzzatto

Luzzatto Co. assembling creative office hub in West Adams

Jason Illoulian and the Cemex plant

Faring makes $30M assemblage play on WeHo/LA border

From left: Nuveen CEO Vijay Advani, Graymark founder/CEO Brian Hecktman

Graymark, Nuveen pay $97M for El Segundo creative office

La Mirada industrial building

Clarion pays $77M for La Mirada industrial project

510 Park Avenue and CEO of Monster Beverage Rodney Sacks

Monster Beverage affiliate guzzles down industrial project in San Fernando

arrow_forward_ios
Loading...