January 29, 2019 / 2:41 AM / 9 months ago

Wynn to settle with Nevada regulators after founder's sexual misconduct claims

HONG KONG (Reuters) - Wynn Resorts said it has agreed to an undisclosed settlement in response to a disciplinary complaint filed by the Nevada Gaming Control Board following a series of sexual misconduct claims against former chief executive Steve Wynn.

FILE PHOTO - Steve Wynn, Chairman and CEO of Wynn Resorts, speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 3, 2017. REUTERS/Mike Blake/File Photo

The casino company, which has operations in Las Vegas and Macau, said in a filing to the U.S. Securities and Exchange Commission on Monday, the investigation into Steve Wynn had completed and it looked forward to reviewing the settlement.

Founder Wynn resigned as CEO of the company in 2018 following claims he subjected women who worked for him to unwanted advances. He has denied the accusations.

The company called the settlement an “important remedial step”, adding that any employee mentioned in the Nevada Gaming Board’s investigation, who was aware of Wynn’s sexual assault allegations “is no longer with the company”.

Steve Wynn was not immediately reachable for comment.

Wynn Resorts has over the past year tried to refresh its image with the company’s largest shareholder Elaine Wynn, who co-founded the firm with her ex husband, agitating for changes on the company’s board.

In August last year, Wynn named industry veteran Phil Satre its vice-chairman. Satre, who was previously chief executive of Harrah’s Entertainment Inc, now known as Caesars Entertainment Corp said he believed the board’s follow up and reaction to the investigations has been “thorough and decisive”.

The company said it has taken several steps including adding more female directors to result in a board now nearly 50 percent women.

Shares in Wynn Resorts closed down 0.3 percent on Monday while shares in Wynn Macau fell 1 percent in trading on Monday.

Steve Wynn, who started in Las Vegas in the 1960s, created some of the neon strip’s most iconic landmarks like the Mirage, Bellagio and Treasure Island.

The 77-year-old businessman, whose signature denotes the company’s logo, had built two lavish resorts in the former Portuguese colony of Macau where only six companies have licenses to operate casinos.

Macau authorities told Reuters they had met with top executives from Wynn Macau last year to “better understand” the situation but declined to give any further update.

Reporting by Farah Master; Editing by Michael Perry

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below