Wynn Resorts reaches settlement with Nevada

Posted On 06 Feb, 2019 0

The American publicly-traded company, Wynn Resorts, has reached a settlement with the authorities of Nevada over Wynn Resorts’ founder and ex-Chairman Steve Wynn and the sexual misconduct allegations levelled against him in early 2018.

The Wall Street Journal (WSJ) reported in January 2018 that dozens of people had alleged that they had been victims of Wynn’s predatory behaviour. Several former employees of Wynn Resorts were also among the victims to be subjected to Wynn’s torturous behaviour, with his former wife Elaine Wynn also accusing him of hooking up with a manicurist in his company in 2005.

With all these shameful acts associated with Wynn Resorts, the company decided to kick the founder and was replaced by Matt Maddox as the President and CEO of the company. The Nevada Gaming Control Board (NGCB) had also initiated an investigation after WSJ broke the news.

Now, Wynn Resorts has accepted the allegation that it didn’t act on the allegations against Steve even though the top brass and execs were all aware of it. Wynn Resorts had reached a settlement with the NGCB, which stated that the undetermined fine would be paid later. Although, with this settlement, Wynn Resorts’ gaming license in the state is no longer in jeopardy.

Wynn Resorts had also planned to open the Encore Boston Harbor Resort in Boston, Massachusetts, but Boston’s regulators seem highly likely to follow the lead of Nevada and probe into the matter further. However, the alleged sexual misconducts didn’t happen in Massachusetts and occurred well before Wynn Resorts applied for a license in the state and could be a major factor for the regulators to go easy on the company.

Coming back to the settlement with Nevada, Wynn Resorts said in a statement, “We have undergone an extensive self-examination over the last 12 months, intended to reinvigorate and implement meaningful change across all levels of the organization, cultivate a safe, healthy and supportive workplace culture, and build on our core values of respecting our employees, corporate responsibility and citizenship, and service to the community,” the company concluded.

Last year, when the allegations surfaced worldwide, Wynn Resorts’ was traded on NASDAQ at $180 and by the end of 2018, it plummeted down to $100, a 44% decrease. Wynn himself sold his minority stake in the company for $175 each in March 2018, amounting to $2.1 billion in total. He singlehandedly saved the company around $900 million by doing this. Forbes currently estimates his networth to be at about $3 billion.

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