Wynn Resorts should know today how the Nevada Gaming Commission (NGC) has decided to penalize the gambling operator for its role in the Steve Wynn sexual misconduct scandal that surfaced toward the beginning of 2018. The NGC is meeting today to discuss what type of fine to levy against the company and will release its decision shortly after.
The drama comes as just the latest soap opera episode in the saga of Steve Wynn’s sexual proclivities. He resigned from the company after being outed last February 2018, and both he and Wynn Resorts have had to continually conduct damage control to keep the ship from sinking.
Wynn Resorts recently agreed to pay a fine in Nevada, but the amount is to be established by the NGC. The agreement comes as Wynn Resorts acknowledges that certain individuals within the company’s upper echelon were aware of what Steve Wynn was doing, but did not act to help him find a more appropriate outlet for his pent-up frustrations.
The Nevada Gaming Control Board (NGCB) announced the settlement in January as part of a 22-page complaint against Wynn Resorts. It asserted that executives with the company were told at least seven times of Steve Wynn’s actions, but didn’t do anything to prevent them. For now, Wynn Resorts will be able to retain its license, but will have to pay a financial penalty assessed by the NGC.
When the NGC meets to hand down the fine, two high-ranking executives from Wynn will be in attendance. CEO Matt Maddox, who stepped in after Steve Wynn resigned, and Phil Satre, the chairman of the Wynn board, are both expected to sit before the NGC panel and be reprimanded.
This won’t be the end to the story, either. Massachusetts is still waiting in line to address the company and a separate investigation was launched in Macau. Shareholders have sued Wynn Resorts over its failure to act against Steve Wynn, asserting that the company’s agreement to pay the Nevada penalty is proof of culpability and yet another case is developing in Massachusetts after a Wynn competitor launched a complaint over how the company was awarded the license to build the Boston Harbor casino.
