Wynn Resorts to pay record fine thanks to Steve Wynn
Steve Wynn’s sexual conduct just got really expensive for Wynn Resorts
An announcement that the Nevada Gaming Commission (NGC) would issue its penalty against Wynn Resorts for the actions of its former CEO and founder, Steve Wynn, has now come full circle. The four members of the NGC held a meeting yesterday to discuss a number of topics, one of which was the fine to be imposed against the casino giant. It fulfilled its promise and Wynn Resorts was slapped with the largest fine ever assessed by the gaming commission.
Wynn Resorts has been handed a ticket for $20 million – almost 4 times the amount of the previous record holder, $5.5 million against SG Tech in 2014. That fine was for a multitude of infractions and illegal gambling activity, and the $20 million to be paid by Wynn is meant to send a message. MGC Chairman Tony Alamo asserted that the amount “makes it clear to all licensees that this culture cannot be tolerated.”
It would almost seem unfair that Wynn Resorts is left holding the bag for Steve Wynn’s actions if it weren’t for the fact that the company was aware of what he was doing, and did nothing to stop it. Steve Wynn is not going to be sought by the authorities and, in fact, collected billions of dollars for selling his shares in the company after he resigned.
Commissioner John Moran Jr., who had wanted to impose an even larger fine, said, “Isn’t it strange that the people … that are the subject of this aren’t even in the room today? The people that are in this room now … they’re left with the train wreck to try to fix it.”