Wynn Resorts Fined By Nevada Gaming Over Former CEO's Sexual Misconduct AllegationsAfter Year-Long Investigation, Company Will Pay An Undisclosed Fine To NGCB |
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A year after opening an investigation into the sexual misconduct allegations of former Wynn Resorts CEO Steve Wynn, the Nevada Gaming Control Board and Wynn Resorts have reached a preliminary agreement.
On Monday morning, the NGCB released a Stipulation for Settlement and Order to wrap up the investigation into the company. The investigation concluded that the company made sweeping changes in its corporate structure to improve the workplace environment. Wynn Resorts will pay an undisclosed fee and the investigation will be closed.
The document states that the Nevada Gaming Commission will “not seeking to revoke or limit… licenses, finding of sustainability, or any other Commissions approvals” and that Wynn “agrees to pay a fine in an amount to be determined by the Commission when this Stipulation for Settlement is considered for approval by the Commission.”
Wynn Resorts released a statement on Monday morning in response.
“In my extensive experience working in the highly-regulated gaming industry I have never seen a company take actions that was as swift and comprehensive as the executive team at Wynn Resorts. Much of that occurred before I joined the Board in August 2018, however I believe our board’s follow-up and reaction to the regulatory investigations has been just as thorough and decisive,” said Philip G. Satre, Chairman of the Board of Wynn Resorts, in the statement.
Over the last year, Wynn Resorts have made several changes to its corporate structure and environment. Most notably was the separation agreement with Steve Wynn and the appointment of Matt Maddox as CEO of Wynn Resorts.
There was also an influx of new board members. 60 percent of the directors at the beginning of 2018 are no longer with the company and there are three new female directors, which resulted in a board that is now 50 percent women.
While Wynn Resorts seemed to resolve the issues with its Nevada regulators, there are still plenty of question marks with its proposed Encore Boston Harbor casino. Massachusetts gaming regulators have yet to make a decision on whether or not to revoke its license over the criminal actions of its former CEO.
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