Disgraced former casino magnate Steve Wynn has been ordered to pay a $10 million fine and cut virtually all ties with the gambling industry over allegations of sexual misconduct.
Steve Wynn, 81, the former president and CEO of Wynn Resorts Ltd., agreed to a settlement with the Nevada State Gaming Control Board, which ordered the state attorney general’s office in 2019 to file a complaint accusing Wynn of sexually harassing an 18-year-old. -former employee.
The seven-page agreement said Wynn was accused of “failing to use discretion and good judgment to prevent incidents that negatively impacted the reputation of the gaming industry and the state.” of Nevada”.
Under the terms of the agreement, approved Thursday, Wynn agreed to pay the large sum of money without admitting any wrongdoing.
Steve Wynn, 81, the former president and CEO of Wynn Resorts Ltd., has agreed to a settlement with the Nevada State Gaming Control Board
Under the agreement, Wynn must “remain fully removed from any direct or indirect affiliation” with Las Vegas casinos. The Wynn Las Vegas resort is pictured here
Wynn is obligated under the settlement to “maintain entirely clear of any direct or indirect affiliation, funding, consulting, promotional publicity in any form of media, or licensing agreement in the Nevada gaming industry”, and can only have one
Wynn is only allowed to have occasional financial investments in Las Vegas casinos up to 5% of a company’s stock.
Regulators had also sought to revoke Wynn’s status as a person fit to hold a casino license, a key requirement for doing business in the industry, the the wall street journal reports.
But his lawyers argued that Wynn had already left the industry and was willing to stay out, so the Gaming Commission agreed he would only be deemed “unsuitable” to work with Nevada casinos if he did. he was violating the agreement. He would also risk an additional fine.
The Commission says it penalizes Wynn himself, in part because its 2019 investigation found “a tendency for Mr. Wynn to recklessly engage in sexual behavior with subordinate employees, which, even if consensual , as Mr. Wynn argues, are unaware of the significant power imbalance between the CEO of a large gaming company and his junior employees.
The agreement marks the end of a nearly four-year dispute between Wynn and the Gaming Control Board, which filed the harassment complaint a year and a half after Wynn resigned from his management role at Wynn Resorts. got rid of his finances and moved out of a villa he was residing in his Las Vegas resort.
Wynn is pictured in 2007 with his ex-wife Elaine, who revealed he settled down with a woman who claimed he was sexually harassed for $7.5million.
Former manicurist Angelica Limcaco later told DailyMail.com that she had been blacklisted by the gambling industry after reporting to human resources an alleged rape by her boss at one of the casinos by Wyn.
Wynn’s fall from grace began with a 2018 Wall Street Journal article in which a number of women who no longer work at one of the billionaire businessman’s properties said they had been sexually harassed by the from their boss.
A worker said she was forced to perform a sex act on Wynn, 76, with her hand at the end of her massages, adding that Wynn had asked at one point if she could use her mouth rather than rubbing his penis to climax when they were done with the session.
This woman refused, but in 2005 another employee was unable to refuse Wynn’s alleged advances when he ordered her to strip naked and lie on a table so they could have sex. sexual relations.
She reported Wynn and received a $7.5 million settlement, which was revealed by Wynn’s ex-wife, Elaine, in court documents.
Former manicurist Angelica Limcaco later told DailyMail.com she was blacklisted after reporting to human resources a rape allegedly committed by her boss at one of Wynn’s casinos.
Limcaco said she was reprimanded by her supervisor who allegedly said: “Let me be clear – this is how it works here – all reports go to me first – especially anything that is about Steve Wynn.”
The superior, the hotel’s former head of hotel operations Doreen Whennen, then allegedly told Limcaco to bring any further reports directly to him and not to human resources.
Limcaco claims Whennen ordered him never to speak about the alleged rape again.
The Gambling Commission later investigated these allegations and found that there were allegations of sexual harassment at Wynn properties dating back to 2005 – when Wynn was first licensed as an executive of the business.
Wyann was accused of sexually harassing employees at his properties. He is pictured with Andrea Hissom in 2010
Wynn was accused last year of personally pressuring former President Donald Trump in 2017 to extradite a Chinese businessman who was facing a litany of charges he vehemently denies and was coerced to flee the government in Beijing in 2014. The two are pictured here in 2005.
In the aftermath, Wynn resigned as finance chairman of the Republican National Committee and Wynn Resorts shuffled its board of directors, with Phil Satre, a highly respected gaming industry leader, chosen as chairman of the board.
In February 2019, the Nevada Gaming Commission fined Wynn Resorts $20 million for failing to respond to allegations of harassment.
Three months later, the Massachusetts Gaming Commission – which was considering granting Wynn Resorts a license to open Encore Boston Harbor – finds the company $35 million and then-CEO Matt Maddox $500,000 for failing to act. .
Wynn Resorts also agreed in November 2019 to accept $20 million in damages from Wynn and another $21 million from insurance companies on behalf of current and former employees to settle shareholder lawsuits accusing directors of the company for not disclosing the allegations of misconduct.
But Wynn faced legal trouble again last year, when the DOJ accused him of personally pressuring former President Donald Trump in 2017 to extradite a Chinese businessman who was facing a litany of accusations he vehemently denies and was forced to flee the government in Beijing in 2014.
Wynn then won his battle with the Department of Justice.
More recently, Wynn sold a strip of luxury properties worth nearly $300 million across the country.
More recently, Wynn sold a swathe of luxury properties worth nearly $300 million across the country.
He sold his homes in Sun Valley, Idaho, Palm Beach and New York.
Speaking to The Wall Street Journal late last year, Southern California real estate agent Stephen Shapiro said Wynn was “not an easy seller”.
“He wants what he wants,” Shapiro said. “Otherwise, he does not sell.