Nevada regulators set to collect $10 million from former casino tycoon Wynn
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LAS VEGAS (KTNV) — Nevada gaming regulators revealed Wednesday that they plan to fine former Las Vegas casino magnate Steve Wynn $10 million over past sexual misconduct allegations.
The Nevada Gaming Control Board issued a complaint against Wynn in 2019, not long after a report surfaced about Wynn's years-long behavior towards women and alleged acts of sexual misconduct.
The fine is to settle that complaint. The matter will now head for final approval by the board, which is expected. Once that happens, Wynn will have three days to wire the money to state regulators.
Also, as part of the settlement, Wynn must not have anything to do with the Nevada gaming industry, though he will be allowed to have up to a 5 percent ownership stake in a publicly traded company that is registered with the Nevada Gaming Commission, which oversees the Gaming Control Board.
Wynn was long a visible figure in the Las Vegas casino industry, and some credit him with being one of the main drivers for developing what the Las Vegas Strip is today.
In 1971, a few years and he and his family moved to town, Wynn bought the Golden Nugget in downtown Las Vegas.
He quickly became a rising star in the casino business and would go on to leave his fingerprints on several high-profile resorts, including the Mirage, which he opened in 1989.
"I don't know what Las Vegas would have been like without Steve Wynn," said Howard Stutz, a gaming industry reporter for the Nevada Independent. "Maybe there would have been another visionary. Who knows. His influence goes up and down the Strip. The Mirage changed the Strip."
In 2018, when the Wall Street Journal published the misconduct allegations, Wynn's reputation took a dive.
"His significance on Las Vegas is always worth mentioning, but it's what happened in 2018 when the allegations surfaced about sexual misconduct with employees," Stutz said. "Within two weeks after that came out, he was out of the industry. He sold his stock (in Wynn Resorts), left the company, and moved to Florida."
The Wynn Las Vegas resort on the Strip — which opened in 2005 — still bears the mogul's name, though he has not had any involvement with Wynn Resorts for years.
Wynn is now 81. A Wynn Resorts representative, in an email, told Channel 13 on Wednesday that the company did not wish to comment on the settlement.
