Former Wynn Resorts Ltd. Chairman and CEOSteve Wynnhas signed a settlement agreement with the Nevada Gaming Control Board (NGCB). Wynn agreed to pay$10 millionto settle a sexual harassment complaint the NGCB made four years ago.
Under the terms of the settlement, Wynn agreed to never have any involvement in a Nevada gaming company again.
If the NGCB signs off, it will put an end to its four-year legal dispute with the founder of Wynn Resorts.
In March, a federal judgegave the green light to proceed with a class action lawsuit against Steve Wynn and Wynn Resorts.
Nevada Gaming Control Board considers Wynn’s settlement next weekIn October 2019, the gaming commission filed a five-count complaint against the casino mogul, requesting to hold Wynn unsuitable for a gaming license. It was due to allegations of sexual abuse and misconduct against female employees during his time as the company’s chairman and CEO.
The control board will consider Wynn’s settlement onJuly 27. AsLas Vegas Review-Journalreported, Wynnwill not admit or deny wrongdoingand“remain entirely removed from any direct or indirect affiliation financing, consultation, promotional advertising and any form of media or licensing agreement in the Nevada gaming industry.”
Wynn waived his right to a public hearing on the matter. But should he violate any agreement terms, gaming regulators could find him unsuitable. And he could face additional fines and disciplinary action.
Wynn paid the highest disciplinary fine in Nevada gaming history, in 2019Wall Street Journal was the first to publish an article (“Dozens of People Recount Pattern of Sexual Misconduct by Las Vegas Mogul Steve Wynn”)alleging Wynn sexually assaulted and harassed several female employees for over a decade.
Wynn has consistently denied all claims of sexual misconduct. He had to resign as CEO and sold his stocks a few weeks after the article was published.
Wynn Resorts also had to replace the management that had reportedly covered up Wynn’s alleged misdeeds. When investigating the case, gaming regulators named the company’s C-level executives,former CEO Matt Maddoxand current CEO Craig Billings, for ignoring these allegations.
In February 2019, the company had to pay a $20 million fine for failing to investigate the claims of sexual harassment. At the time, it was the highest fine in Nevada history.
In April 2019, Massachusetts gaming regulators fined Wynn Resorts $35 million for not disclosing sexual misconduct allegations against its founder and CEO. But the regulators allowed the operator to keep the license for its new casino, Encore Boston Harbor which opened in June 2019.
According to Forbes, Wynn has a net worth of $3.2 billion. Wynn is also the developer of famous Las Vegas casinos The Mirage, Treasure Island and Bellagio. He currently resides in Florida.