Casino magnate Steve Wynn has resolved a long-standing legal battle with Nevada gambling regulators, culminating in a $10 million fine and severing his ties to the Las Vegas industry that he helped shape. The Nevada Gaming Commission accepted the settlement on Thursday, bringing an end to the state’s investigation into allegations that ultimately led to Wynn’s resignation from his corporate empire in 2018. Importantly, Wynn did not admit to any wrongdoing. The decision was unanimous, with the exception of Commission Chairwoman Jennifer Togliatti, who abstained due to a conflict arising from her previous work as a state court mediator. Currently residing in Florida at the age of 81, Wynn did not attend the hearing, which was livestreamed online. His attorney, Colby Williams, views this case as the final regulatory matter stemming from allegations made five years ago and is optimistic that Wynn can move forward with his life. The $10 million fine is the largest ever imposed by the commission, second only to the $20 million penalty paid by Wynn’s former company, Wynn Resorts Ltd., in 2019 for its failure to investigate the sexual misconduct claims against Wynn. According to Craig Newby, the first assistant Nevada attorney general, a seven-month investigation by the Nevada Gaming Control Board uncovered evidence of sexual misconduct by Wynn involving female subordinates. Commissioner Rosa Solis-Rainey deemed this matter a significant stain on the casino industry and, although acknowledging Wynn’s notable contributions, stated that the nature of the allegations necessitated the negotiated fine. Elaborating further, she emphasized the importance of moving forward collectively. According to Forbes, Wynn’s net worth is estimated at $3.2 billion, placing him among the top 400 wealthiest Americans. On July 17, Wynn signed a seven-page document acknowledging accusations of failure to exercise discretion and judgment, actions that reflected negatively on Nevada and its gambling industry. Failure to comply with the agreement could result in a finding of “unsuitability” for involvement with Nevada casinos, along with additional fines. Such a finding would be highly unusual for a man who is widely credited with spearheading the transformation of Las Vegas Strip properties into extravagant destination resorts. Wynn’s portfolio includes luxury properties such as the Golden Nugget, Mirage, Treasure Island, Bellagio, Wynn, and Encore in Las Vegas, as well as properties in Atlantic City, Biloxi, Macau, and Boston. His resignation followed allegations of sexual harassment and assault published by the Wall Street Journal, leading him to divest company shares, resign from the corporate board, and step down as finance chairman of the Republican National Committee. Wynn has consistently denied the sexual misconduct allegations in various court battles. In the Gaming Commission case, the Nevada Supreme Court ruled against him in March 2022, determining that a state judge in Las Vegas acted prematurely in late 2020 when she sided with Wynn’s legal team, stating that the state lacked the authority to punish him. Wynn’s attorneys, including Donald Campbell, argued that the Gaming Control Board and Gaming Commission no longer had jurisdiction over him. The state regulators initiated their investigation following the emergence of the misconduct allegations against Wynn. The board suspended Wynn’s license, and in October 2019, the commission moved to discipline or fine him. At a hearing in December 2019, commissioners considered imposing a fine of up to $500,000 and declaring Wynn unsuitable to be associated with gambling in Nevada. Several months earlier, the commission levied a record-breaking $20 million fine against Wynn’s former company. In addition to the actions taken by Nevada regulators, Massachusetts gambling authorities fined Wynn Resorts Ltd. an additional $35 million, while the new company CEO, Matthew Maddox, faced a $500,000 fine for failing to disclose the sexual misconduct allegations during the license application process for the Boston-area resort. In November 2019, Wynn Resorts agreed to pay $20 million in damages, with another $21 million being covered by insurance carriers on behalf of current and former employees, to settle shareholder lawsuits that accused company directors of withholding information about the alleged misconduct. These agreements did not involve an admission of guilt.
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