X

Wynn Resorts Hit With Gaming Commission's Biggest Fine Ever

Property to pony up $20M after sexual misconduct allegations against former CEO Steve Wynn
By Jenn Gidman,  Newser Staff
Posted Feb 27, 2019 8:59 AM CST
In this March 15, 2018, file photo, casino mogul Steve Wynn is seen during a news conference in Medford, Mass.   (AP Photo/Charles Krupa, File)

(Newser) – In what's said to be the largest fine ever levied by the Nevada Gaming Commission, Wynn Resorts has been hit with a $20 million bill, almost four times the previous record, the New York Times reports. The massive fine comes on the heels of multiple sexual misconduct allegations against company founder Steve Wynn, 77, who stepped down last year from his role as CEO and chairman. The Wall Street Journal, which originally broke the Wynn allegations, reports that the agency's 4-0 vote came about after the gaming agency's board published a complaint last month against the Wynn property, verifying much of what the Journal had originally reported. The board also noted that many upper-level Wynn Resorts execs looked the other way on Wynn's alleged behavior.

The Times notes that while companies are often forced into settlements in sexual misconduct cases, regulatory fines aren't so common. The fine "demonstrates a recognition that papering over sexual harassment and assault is a form of corporate corruption that is within the scope of regulators' jurisdiction," a rep for the National Women's Law Center says. Wynn Resorts says it has since cleaned house—in a statement, it claims that any employees who knew about Wynn's alleged behavior have since been axed—and "refreshed its culture," including by making sure that women now make up almost 50% of its board. CNN notes the fine is part of a larger settlement between the commission and Wynn Resorts, which is now scrambling to salvage its reputation and its stocks, which have fallen by 35% since the Wynn news broke. (Read more Wynn Resorts stories.)

My Take on This Story
Show results  |  
8%
12%
8%
48%
4%
19%