Wynn Resorts hit by record $20 million fine in Las Vegas

The Nevada Gaming Commission has fined Wynn Resorts the record amount of $20 million for its inappropriate handling of sexual misconduct allegations against company co-founder Steve Wynn, who was forced to sever ties with the firm early last year.

The highest fine that the Nevada Gaming Commission had ever issued in the past was $5.5 million in a 2014 case.

One commissioner commented, “It’s not about one man. It’s about a failure of a corporate culture to effectively govern itself as it should in a responsible manner.” The commission chairman added, “The fine needs to move the needle. It needs to ring across the entire country, outside of our borders.”

One place the fine is definitely ringing is in Boston, where the Massachusetts Gaming Commission is weighing the same issues, but with much higher stakes, since Wynn Resorts is constructing the $2.6 billion Encore Boston Harbor, and its gaming license hangs in the balance.

Wynn Resorts’ global reputation is also key to its campaign to renew its concession in Macau and to win an IR license in Japan.