Wynn Resorts founder sent packing from Nevada gaming industry
Disgraced former CEO Steve Wynn pays $10m out-of-court settlement and agrees to no future involvement with any gambling business in the state
Wynn Resorts’ former CEO and company founder Steve Wynn has agreed to permanently exit the Nevada gambling industry as part of a $10m out-of-court settlement over historical sex abuse allegations.
The agreement comes as part of a settlement of a five-count complaint by the Nevada Gaming Control Board (NGCB) in October 2019. Wynn waived the right to a public hearing, instead agreeing to pay a sum of $10m to the Nevada Gaming Commission (NGC) to settle the case.
The NGCB sought to deem him unsuitable to hold a gaming license in Nevada after sexual assault allegations were made against him relating to his time as CEO and chairman of the US casino resort developer.
Under the terms of the seven-page settlement agreement released to the public on Monday (July 17), Wynn confirmed he will never serve in any role of any capacity with a Nevada gaming company.
He will, however, not be barred from having “passive ownership” of any licensed operator where that stake is less than 5%.
Wynn resigned his position as CEO of Wynn Resorts in February 2018 following the publication of an investigatory article by the Wall Street Journal detailing a “decade’s-long pattern of sexual misconduct” by the casino mogul.
Later in February 2019, Wynn Resorts paid $20m to the Nevada Gaming Commission (NGC), the largest fine in the state’s history, to settle a 10-count complaint relating to sexual assault, harassment and misconduct by Wynn.
Wynn Resorts was slapped with a separate $35m fine by regulators in Massachusetts in April 2019.
The NGC rejected a motion by Wynn to dismiss the NGCB complaint in December 2019, with Wynn’s representatives filing a lawsuit challenging the Commission’s authority over him, a lawsuit which he won in November 2020.
However, the NGC challenged the ruling in the Nevada Supreme Court, with the court ruling in favor of the regulator.
Following the departure of disgraced Wynn, the company has undergone a significant change, not only at executive level but at a company culture level, with the operator keen to clean up its reputation.
The final sign off by the NGC on the settlement of the NGCB complaint, which will ultimately end the four-year long dispute between Wynn and Nevada regulators, could occur as soon as next week.