Nevada gaming regulators impose a fine of $20 million on Wynn Resorts Ltd. over its failure to investigate and act upon sexual-misconduct allegations by employees against former Chief Executive Officer Steve Wynn.
The fine was proposed by Nevada Gaming Commission Chairman Tony Alamo at a hearing and confirmed by a 4–0 vote. Last month, the company reached a settlement with the state, but the amount of the fine was not specified.
While Alamo said the fine will be “record setting,” he did not want it to be so high as to irreparably damage Wynn Resorts.
Independent directors of Wynn Resorts launched their own investigation. The company—now run by CEO Matt Maddox—also added more women to its board and overhauled its policies.
“We are pleased that the Nevada Gaming Commission has recognised the company’s transformation and ‘refreshed culture’ over the course of the last 12 months and acknowledged the ‘paradigm shift’ that has occurred within the company,” Wynn Resorts said in a statement.