Former Las Vegas casino mogul Steve Wynn to pay $10m in Nevada gaming fines.
Wynn has agreed to pay $10m to the Nevada Gaming Control Board (NGCB) in a settlement regarding sexual misconduct allegations.
Steve Wynn was the CEO of Wynn Resorts when multiple women alleged to the Wall Street Journal in 2018 that he sexually assaulted or harassed them, and that Wynn subjected them to “unwanted sexual advances.”
The former Director of the Wynn Resorts beauty salon that was at the center of the misconduct allegations against Wynn sued the resort in 2019. A hairstylist at the salon told the Wall Street Journal that company executives took no action when they were told about sexual advances by Wynn.
The NGCB said these allegations made Wynn unsuitable to be associated with a gaming enterprise or the gaming industry as a whole.
The pending settlement states that Wynn will pay $10m in fines within three days of the settlement being accepted and that Wynn will not have to admit to or deny the allegations, among other stipulations, if he pays the settlement within the given timeframe.
Wynn has also promised to never be involved with gaming in the state of Nevada again.
Regulators argued that the reporting on Wynn's alleged sexual misconduct "harmed Nevada's reputation and its gaming industry" and therefore fined him for each of his violations.
The agreement stops the former casino mogul from participating in any role other than a customer. However, he will be allowed to hold a 5% ownership stake through stocks without violating the terms of the settlement.
