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Wynn Resorts hit with record fine for ignoring Steve Wynn misconduct allegations



The Nevada Gaming Commission said Tuesday that the finest it has ever lived is part of a settlement with Wynn Resorts ( WYNN ) in response to a complaint the commission filed against the company last month

The billionaire casino denied the accusations of misconduct but said the "avalanche of negative publicity" made it impossible for him to continue as CEO and chairman of the company.

The settlement with the gaming commission is the latest attempt by Wynn Resorts to deal with the fallout from the scandal, which hammered its share price and shook its leadership. The company's stock has declined 35% since the Journal published its investigation.

The gaming commission's complaint against Wynn Resorts detailed multiple cases in which senior executives were made aware of allegations by employees of sexual misconduct against Wynn but failed to investigate. or address them

In the settlement with the commission, Wynn Resorts admitted that it "fell short … in perhaps one of the most important areas for an employer ̵

1; focusing on its employees."

Wynn executives "have focused on a single man, rather than the company's greatest asset, its 25,000 employees, "it added.

The signatory of settlement document, which was released by the gaming commission on Tuesday, including Matt Maddox, who replaced Wynn as CEO of the company.

Wynn Resorts emphasized the series of changes it has undertaken since Wynn stepped down, such as overhauling the membership of its board to include three new female directors and introducing improved training for all employees aimed at preventing sexual harassment.

Wynn Resorts didn't immediately respond to a request for further comment outside of regular office hours. 19659004] Under the settlement, the gaming commission said it will not seek to revoke the company licenses.

Chris Boyette and Jethro Mullen contributed to this report.


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