Casino Mogul Steve Wynn Has to Pay a 10M Settlement

The gaming career of Steve Wynn, a former CEO and Chairman of Wynn Resorts and the industry mogul, is over. On top of that, Wynn is obligated to pay a $10 million fine for various violations of the industry law.

Several serious accusations:

The settlement with the state, issued by the Nevada Gaming Commission, was approved after three and a half years. The dispute started in October 2019, after the board accused Wynn of sexual harassment of the woman that was employed at the Strip resort at the time. Before the settlement, Wynn never confessed.

The fine issued to Wynn is the largest ever when it comes to individuals, and it was issued after the company and executives had already paid more than $55 million because of similar accusations.

Wynn hasn’t appeared at the commission meeting. Brian, Krolicki, a Commissioner, said: “I’m delighted that we’re in a position where all parties apparently wish to move forward and to recommend to the commission to accept the stipulation. For the benefit of the gaming industry and our role as regulators and Nevada, what’s before us today is welcome by me, and I will vote for it.”

According to Craig Newby, the First Assistant Attorney General Craig Newby, who was in charge of reviewing the case, claimed that they agreed upon the amount. 

Rosa Solis-Rainey, a Commissioner, agrees with the fine and hopes that everybody will be able to move forward. 

The hearing and settlement:

The hearing was short; it didn’t last more than 10 minutes. Kirk Hendrick, a Gaming Control Board Chairman, and George Assad, a board member, were the ones to prepare the statements for the final part of the hearing.

Hendrick stated: “The Gaming Control Board is satisfied that resolving this matter with Mr. Wynn protects the gaming industry and the citizens of Nevada. Closing this dark chapter in Nevada’s gaming history allows more time for the board to continue effectively and efficiently regulating Nevada’s most important industry.”

Judge Assad added: “The gaming fine paid by Mr. Wynn is the largest ever levied against an individual in the state of Nevada. The magnitude of the fine, along with other conditions in the stipulation for settlement and order, demonstrate how serious the board and commission took the allegations in the disciplinary complaint.”

After the settlement, Wyn won’t be able to participate in all events related to the gaming industry in the state. However, he’ll be able to casually invest in companies that have no more than 5% ownership.

In 2018, Wynn resigned from all of his executive positions in the company, along with other amenities such as the villa he lived in and financial interests in Wynn Resorts. It coincided with the period when the accusations of harassment began, although he denied them.