Wynn Resorts has been issued with a $20m fine by the Nevada Gaming Commission.

The punishment comes as a result of the company’s failure to report and investigate sexual harassment allegations against former Chairman and CEO Steve Wynn.

The Commission voted unanimously on Tuesday to inflict the fine on the Las Vegas-based operator.

Eight female employees had put in sexual harassment allegations against Wynn, which were dismissed by the company.

The fine is almost four times greater than any previously issued by Nevada regulators.

Wynn Resorts agreed to settle the complaint last month with the Nevada Gaming Control Board and announced it will pay the fine in full. The company will be allowed to keep its gambling license.

A spokesperson for Wynn Resorts said: "We are pleased the Nevada Gaming Commission has recognised 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.

"We deeply appreciate the trust and confidence they have placed in the new leadership of Wynn Resorts to grow and prosper."