Wynn Resorts Fined $20 Mln Over Handling Of Steve Wynn Misconduct Claims

(RTTNews) - The Nevada Gaming Commission fined casino mogul Steve Wynn's former company a record $20 million for failing to investigate claims of sexual misconduct made against him before he resigned a year ago.

The fine against Wynn Resorts Ltd. (WYNN) ends an investigation that began after The Wall Street Journal reported that several women said the company founder harassed or assaulted them.

Wynn Resorts will keep its gambling license under the Nevada Gaming Commission settlement reached last month that left the amount of a fine to be determined by the four current commissioners.

The fine tops the previous highest in state history: $5.5 million in 2014 against the sports betting and mobile gambling system company now known as CG Technology.

Responding to the Nevada Gaming Commission's final resolution of the investigation, Wynn Resorts said, "This brings to a conclusion the Nevada gaming regulators review of who in the Company was aware of allegations against the Company's founder and former CEO.

Wynn Resorts said, "We are pleased that the Nevada Gaming Commission has recognized the company's transformation and 'refreshed culture' over the course of the last twelve months and acknowledged the 'paradigm shift' that has occurred within the company.

Wynn Resorts said,"The completion of the review by Nevada regulators is an important step forward, and we deeply appreciate the trust and confidence they have placed in the new leadership of Wynn Resorts to 'grow and prosper."

Steve Wynn resigned as board chairman and company Chief executive officer in February 2018 following reports that several women said he harassed or assaulted them. Wynn also sold his shares in the company. He has denied the allegations.

Wynn Resorts acknowledged in the settlement agreement that several former board members and executives knew about but failed to investigate complaints including one that led Wynn to pay $7.5 million in 2005 to a former salon employee who alleged he raped her and that she became pregnant as a result.