Nevada Gaming Regulators to Receive $10M Settlement from Steve Wynn Over 2019 Complaint
Disgraced casino tycoon Steve Wynn has consented to fork over a $10 million fine to the Nevada Gaming Control Board for accusations of his sexual misconduct that surfaced in 2018. Signed by Wynn on Monday, the proposed settlement deal was published Wednesday by the Gaming Control Board.
As per the terms of the agreement, Wynn won't be permitted to hold any position in a Nevada gaming firm anymore, but possessing less than 5% of "passive ownership" is still conceivable.
In case the control board approves, it would conclude their four-year legal rivalry with the former head and CEO of Wynn Resorts. In October 2019, the board initiated a five-count complaint, 21 months after the Wall Street Journal published a scandalous article pointing to a "decades-long pattern of sexual misconduct" by Wynn, corroborated by over 40 women who claimed he sexually harassed or assaulted them.
The control board tried to establish Wynn as unfit for a gaming license, asserting that the scandal damaged Nevada's reputation and its gaming industry. Wynn's lawyers challenged this argument, stating that the board no longer held jurisdiction over him since he surrendered his gaming license in February 2018, parted ways with Wynn, and dispensed with his stock.
In November 2020, a judge ruled in favor of Wynn, proclaiming that the commission violated its authority. The board countered this decision by appealing to the Nevada Supreme Court, which turned around the lower court's decision in March 2022.
More Penalties
In February 2019, Wynn Resorts agreed to pony up $20 million, the greatest fine in Nevada's history, to appease the Gaming Commission over a 10-count complaint involving years of neglecting to investigate the misconduct allegations against its own founder. In addition, Wynn Resorts shelled out $35 million in April 2019 to Massachusetts' gaming regulators for concealing the accusations.
The 81-year-old Wynn continues to deny all sexual misconduct charges and has never been convicted of a crime linked to them. In the latest settlement agreement, he neither acknowledges nor disproves any of the allegations.
Wynn, who founded The Mirage and Bellagio before the Wynn, is the most illustrious casino developer in the realm of Las Vegas' lore. He singlehandedly transformed the Strip, kicking and screaming, from its humble buffets and has-been performers to its upscale luxury stature to this day.
Following the 2018 scandal, Wynn has retreated to Florida and described his profession as collection of art. According to Forbes, his net worth amounts to a remarkable $3.2 billion.
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Source: www.casino.org
