Wynn Resorts fined $ 35 million, but retains license for Massachusetts Casino

[ad_1]
<div _ngcontent-c14 = "" innerhtml = "

The Mbadachusetts Gaming Commission governed Tuesday that Wynn Resorts will retain his gambling license to operate his soon-to-be-opened casino at Encore in Everett. However, Casino Operator Will Be Fined $ 35 Million Due to Game Authority Findings That Former Company Managers Concealed Allegations of Sexual Misconduct Against Former CEO and Co-Founder Steve Wynn .

The Gaming Commission's decision indicates that, although it found no evidence to dissuade Wynn Resorts from retaining its license, the Commissioners were "deeply disturbed" by "repeated systemic failures and a widespread culture of non-compliance." disclosure presented in the report "Lsqb; report ".".

"Specifically, the company culture of the organization led by the founder has led to a disparate treatment of the CEO so as to leave the most vulnerable at risk," reads in the decision. "Although the company has made great progress in changing this system, this commission remains concerned about the failures and failures of the past."

In addition to the $ 35 million fine, the commission will require that it fulfill a series of conditions to retain its license, including the payment of a fee. independent monitor review and evaluate the company's policies. The company must also provide training to prevent harbadment of managers and employees.

Wynn's current CEO, Matthew Maddox, who has replaced Steve Wynn, will be fined $ 500,000 for failing to initiate an investigation following a complaint from a Wynn Resorts spa employee.

"Given our findings, it is now in the Commonwealth's interest that the gaming licensee establish and maintain a performing gaming facility in Mbadachusetts," wrote the gaming commissions in their decision. "One of the key indicators to measure this success will be the overall well-being, safety and well-being of employees. A second parameter, but of equal importance, is the importance of compliance and communication with the regulator. This penalty is designed to guarantee these practices. "

This decision comes after the Mbadachusetts Gaming Commission's investigation into Wynn Resorts, which lasted a year, revealed that its former leaders had been involved in a scheme to pay and silence employees alleging badual badault and inappropriate behavior of Steve Wynn. Several women accused of misconduct, including rape, received payments after signing non-disclosure agreements.

The investigation of the Mbadachusetts Gaming Authority began shortly after the The Wall Street Journal published an article in January 2018 detailing the charges against Steve Wynn.

In March, the Mbadachusetts Gaming Commission held a bold three-day hearing to discuss its findings with Wynn's executives and board members, including a co-founder and a board member. Elaine Wynn and the CEO Maddox. One of the most damning conclusions of the Gambling Commission is that Wynn's senior executives not only concealed allegations against Wynn for years, but also failed to disclose to the Mbadachusetts regulators that he had an allowance of $ 7.5 million to an employee who presumed the rape. (Steve Wynn denied all the allegations against him.)

the hearingElaine Wynn, the company's main shareholder with 9% and Steve Wynn's ex-wife, testified that she had reported the settlement of $ 7.5 million to the company. The company's general counsel, Kimmarie Sinatra, in 2009. It was also revealed that the former Wynn security chief had company money to hire spies to monitor Elaine. & nbsp;

Elaine Wynn, who currently weighs $ 2.3 billion, became the largest shareholder of Wynn Resorts in March 2018 after Steve Wynn retired from his position and resigned as CEO in light of the allegations. & nbsp;

The decision paves the way for the opening of the Encore Boston Harbor casino in Everett, worth $ 2.6 billion, in June.

">

The Mbadachusetts Gaming Commission on Tuesday decided that Wynn Resorts will retain its gaming license to operate its soon-to-be-opened Encore Casino in Everett. However, Casino Operator Will Be Fined $ 35 Million Due to Game Authority Findings That Former Company Managers Concealed Allegations of Sexual Misconduct Against Former CEO and Co-Founder Steve Wynn .

The Gaming Commission's decision states that, although it found no evidence that would prevent Wynn Resorts from retaining its license, the commissioners were "deeply disturbed" by "repeated systemic failures and an omnipresent culture of non-disclosure." presented in the report. [report]. "

"Specifically, the company culture of the organization led by the founder has led to a disparate treatment of the CEO so as to leave the most vulnerable at risk," reads in the decision. "Although the company has made great progress in changing this system, this commission remains concerned about the failures and failures of the past."

In addition to the $ 35 million fine, the commission will require a series of conditions to maintain the license, including the payment of an independent auditor to review and evaluate the company's policies. The company must also provide training to prevent harbadment of managers and employees.

Wynn's current CEO, Matthew Maddox, who has replaced Steve Wynn, will be fined $ 500,000 for failing to initiate an investigation following a complaint from a Wynn Resorts spa employee.

"Given our findings, it is now in the Commonwealth's interest that the gaming licensee establish and maintain a performing gaming facility in Mbadachusetts," wrote the gaming commissions in their decision. "One of the key indicators to measure this success will be the overall well-being, safety and well-being of employees. A second parameter, but of equal importance, is the importance of compliance and communication with the regulator. This penalty is designed to guarantee these practices. "

This decision comes after the Mbadachusetts Gaming Commission's investigation into Wynn Resorts, which lasted a year, revealed that its former leaders had been involved in a scheme to pay and silence employees alleging badual badault and inappropriate behavior of Steve Wynn. Several women accused of misconduct, including rape, received payments after signing non-disclosure agreements.

The investigation of the Mbadachusetts Gaming Authority began shortly after the The Wall Street Journal published an article in January 2018 detailing the charges against Steve Wynn.

In March, the Mbadachusetts Gaming Commission held a bold three-day hearing to discuss its findings with Wynn's executives and board members, including co-founder and board member Elaine. Wynn and the CEO Maddox. One of the most damning conclusions of the Gambling Commission is that Wynn's senior executives not only concealed allegations against Wynn for years, but also failed to disclose to the Mbadachusetts regulators that he had an allowance of $ 7.5 million to an employee who presumed the rape. (Steve Wynn denied all the allegations against him.)

At the hearing, Elaine Wynn, the company's main shareholder (9%) and Steve Wynn's ex-wife, testified that she had reported the settlement of 7.5 Million dollars to the company's general counsel, Kimmarie Sinatra, in 2009. It was also revealed that the previous head of security used company funds to hire spies to monitor Elaine.

Elaine Wynn, who currently weighs $ 2.3 billion, became the largest shareholder of Wynn Resorts in March 2018 after Steve Wynn retired from his position and resigned as CEO in light of the allegations.

The decision paves the way for the opening of the Encore Boston Harbor casino in Everett, worth $ 2.6 billion, in June.