Wynn Resorts to pay $20M fine for ignoring, enabling Steve Wynn’s sexual misconduct
The Nevada Gaming Commission ordered the fine, the largest the state regulator has levied
The Nevada Gaming Commission levied a $20 million fine on Wynn Resorts Ltd. — the largest in its history — for ignoring sexual misconduct allegations against founder Steve Wynn.
The fine is four times larger than any other amount the state body has ordered, according to the Wall Street Journal. The Nevada Gaming Control Board investigated numerous complaints against Wynn over the last year, including allegations of rape and harassment. Those followed the initial accusations of Wynn’s alleged treatment of Wynn Resorts employees and other women.
The billionaire mogul has denied the allegations, but by agreeing to many of the state board’s findings, the company has now acknowledged that Wynn Resorts executives ignored previous complaints.
An attorney for the state said the official complaint “[does] not come close” to describing the full extent of misconduct Nevada officials found during the investigation, according to the Journal, which first broke the story of the allegations against Wynn.
Wynn’s reported misconduct has also been a financial disaster for the company he founded nearly two decades ago. Wynn resigned as CEO shortly after the allegations were made public. Two weeks later, stockholders filed a class action lawsuit against the company. Its stock price has dropped from around $200 per share just before the allegations to around $128 as of Wednesday. [WSJ] — Dennis Lynch