Wynn Resorts has agreed to pay a $35.5m fine issued to the company by the Massachusetts Gaming Commission (MGC), despite disagreeing with the penalties issued against CEO Matt Maddox.

After a year-long investigation, the MGC opted to fine Wynn Resorts for repeatedly ignoring employees’ accusations of sexual misconduct against founder and previous CEO Steve Wynn.

CEO Maddox has received a personal fine totalling $500,000, although the company has stated it would have supported him if he had chosen to appeal it.

Wynn Resorts has accepted the fine in order to open its new Encore Boston Harbor casino on time, which has cost the company over $2bn in total project costs.

A statement from Wynn Resorts read: "The Board of Directors of Wynn Resorts appreciates the findings by the Massachusetts Gaming Commission that it, and its qualifiers, remain suitable by clear and convincing evidence.

"However, we do not agree with the finding that Matt Maddox violated company policy and are pleased neither the Commission’s Investigation and Enforcement Bureau, nor the Special Committee of the Board, nor the Special Committee of the Board, found that he, or any other current company executives, violated any company policies in managing the allegations against the company’s founder."