Casino mogul Steve Wynn to pay $10M in settlement over claims of sexual misconduct
Nevada Gaming Commission meeting Thursday to accept settlement deal
Steve Wynn steps down.
Steve Wynn's legal battle with Nevada gambling regulators over workplace sexual misconduct is ending on Thursday with a settlement that requires him to pay a $10 million fine and sever nearly all connections to the industry.
The Nevada Gaming Commission had a meeting planned to accept a deal in which the 81-year-old doesn't acknowledge any wrongdoing.
The stipulation for the settlement, shared in an email with FOX Business on Thursday, was signed on July 17 by Wynn and members of the investigatory Nevada Gaming Control Board.
The board alleged that his actions and/or inactions had "constituted a failure to exercise discretion and sound judgment to prevent incidents that have reflected negatively on the reputation of the gaming industry and the State of Nevada."
Steve Wynn (Patrick T. Fallon / Bloomberg via Getty Images / File / Getty Images)
Furthermore, Wynn was accused of conduct "inimical to the public health, safety, morals, good order and general welfare" of Nevadans and conduct that "has reflected discredit upon the State of Nevada and the gaming industry."
The board said it had no further comment on the matter.
Wynn will not attend the hearing, his attorney, Colby Williams, told The Associated Press. The lawyer declined to comment about the proceedings until they are complete.
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Steve Wynn's legal fight with Nevada gambling regulators over claims of sexual misconduct is expected to end Thursday with a settlement that calls for him to pay a $10 million fine and cut virtually all ties to the industry he helped shape in Las Veg … (AP Photo / Ty ONeil / AP Newsroom)
Williams' law firm did not immediately respond to FOX Business' request for comment.
Under the deal, Wynn is allowed "passive ownership" of 5% or less of any security of a publicly traded corporation registered by the commission.
"For clarity and the avoidance of doubt, in no event shall respondent have any direct or indirect control, authority, advisory role or decision-making power related to the operations of a business encompassed by this Paragraph 4(c) regardless of the amount of stock owned," the stipulation reads.
The Wynn Las Vegas and Encore resorts in Las Vegas are shown on Wednesday. (AP Photo / Ty ONeil / AP Newsroom)
A violation of the stipulation could result in a finding of "unsuitability" for association with Nevada casinos and an additional fine.
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Wynn resigned as the CEO and chairman of the board of directors at Wynn Resorts in 2018 after allegations from several women that he had sexually harassed or assaulted them at his hotels.
Wynn has consistently denied sexual misconduct allegations in multiple courts.
The Associated Press contributed to this report.