On April 15th, 2020, Steve Wynn, the billionaire casino mogul, agreed to pay a record $20 million fine to settle a legal dispute with Nevada regulators. The fine is the largest ever imposed on a gaming company in the state of Nevada.
The dispute began in 2018 when the Nevada Gaming Control Board (NGCB) began an investigation into Wynn Resorts Ltd. for failing to disclose sexual misconduct allegations against Steve Wynn. The NGCB alleged that Wynn Resorts Ltd. had violated Nevada gaming regulations by failing to investigate or report the allegations against Wynn.
In response to the investigation, Steve Wynn agreed to pay the $20 million fine and accept a three-year ban from the Nevada gaming industry. In addition, Wynn Resorts Ltd. agreed to pay an additional $1 million fine and accept a five-year ban from the Nevada gaming industry.
The settlement is seen as a victory for Nevada regulators who have been working to ensure that gaming companies adhere to the state’s regulations. The settlement also serves as a warning to other gaming companies that they must take allegations of sexual misconduct seriously and investigate them thoroughly.
The settlement also marks the end of Steve Wynn’s involvement in the Nevada gaming industry. Wynn resigned from his position as CEO of Wynn Resorts Ltd. in 2018 following the sexual misconduct allegations. He has since sold his remaining shares in the company and has no further involvement with the company.
The settlement between Steve Wynn and Nevada regulators is a reminder that sexual misconduct allegations must be taken seriously and investigated thoroughly. It is also a reminder that gaming companies must adhere to state regulations or face significant fines and penalties.
