Casino execs tried to cover up Steve Wynn’s sexual misconduct
A report by Massachusetts casino regulators has stated that Wynn Resorts executives had hidden their former Chariman Steve Wynn’s sexual misconduct allegations for years. The report was brought out by the state’s Gaming Commission’s investigative team.
The 5-member panel who formed the committee released the report a couple days ago on Tuesday as the commission opened a series of hearings on whether Wynn officials knowingly hid information about the allegations, which Steve Wynn denied. Wynn Resorts plan to open Encore Boston Harbor in the state and this report will have its implications.
The company didn’t dispute the 200-page report and further said that it is a ‘complete review’. The company’s stock price rose nearly 4 percent about $134 a share. The price still remains a lot lower from the 1-year high of more than $201 of last May.
On the other hand, the experts in the panel praised Wynn Resorts for putting more women in key leadership positions within the company, including its board of directors. They also praised the company for ousting every executive who knew about Wynn’s allegations but failed to report them.
Kabrina Krebel Chang, a business law and ethics professor at Boston University’s Questrom School of Business said, “That sends a message that you're not going to tolerate enablers. That being silent is going to come back and haunt you.”
Under the new reforms, Wynn Resorts no longer enforces confidentiality in sexual harassment claims. Chang said that this move was good but noted that other prominent companies like Google, Facebook, Microsoft give their employees the choice to resolve their case publicly in court rather than in private, which is current scenario at Wynn.
Recently, Wynn Resorts and Nevada reached a settlement whereby the state’s Gaming Control Board relaxed the period for the company’s fine in relation to their former chairman’s sexual misconduct allegations. Keep reading GutshotMagazine.com for more such industry news and for general gaming/gambling news from around the world.
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