Wynn Resorts under pressure to change name amid CEO sexual misconduct allegations
Nevada gaming board seeks $20M fine for misconduct allegations
Las Vegas’ Wynn Resorts is under pressure to change its name amid lingering sexual misconduct allegations against founder and former chief executive officer, Steve Wynn.
Insider Scott Roeben, of Vital Vegas, tweeted about the claims this week: "Intriguing rumblings about potential Wynn name change. Issue was raised after scandal, but sounds like it could be on the table again, sparked by Nevada Gaming Control Board actions." Roeben's comments were included in a report by Casino.org.
An exhaustive investigative report first published in The Wall Street Journal last year, portrayed Wynn, who has a net worth of more than $3 billion according to Forbes, as frequently demanding naked massages and other sexual acts from female employees.
A spokesperson for Wynn Resorts told FOX Business, "As we have stated on numerous occasions, the name of the Company will remain Wynn Resorts. We are not contemplating any change nor have we been pressured to make such a change."
The NGCB filed a five-count complaint, which demanded a $20 million fine, against Wynn last month because the alleged misconduct violated state licensing suitability regulations.
An attorney for the mogul, however, countered with a 25-page motion to dismiss the complaint saying the board no longer has jurisdiction over Wynn, who stepped down as the casino’s head in February last year after denying wrongdoing.
“Has the Nevada Legislature expressly or implied authorized Nevada’s gaming regulators to discipline a person who no longer has any involvement with a Nevada gaming licensee and, thus, no longer poses an alleged threat to the industry or the public at large?” the motion states. “We submit the answer to that question is a resounding ‘No.' ”
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WYNN | WYNN RESORTS LTD. | 96.16 | +1.78 | +1.89% |
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Wynn Resorts brought in a whopping $740 million in revenue last year, internal data shows. Its stock is up more than 11 percent on the year and 22 percent year-to-date.
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This story has been updated on 12/1/19 to include comment from Wynn Resorts.