trending Market Intelligence /marketintelligence/en/news-insights/trending/PCLkKw-A4UG2xSKD1Dlg2Q2 content esgSubNav
In This List

Wynn Resorts won't appeal fines imposed by Mass. regulator


Insight Weekly: Ukraine war impact on mining; US bank growth slowdown; cloud computing headwinds


Deep Market Intelligence Helps a Credit Union Craft a Successful Expansion Plan


Global M&A By the Numbers: Q1 2022


Insight Weekly: Earnings forecasts for US banks; corporate deleveraging; LatAm currency gains

Wynn Resorts won't appeal fines imposed by Mass. regulator

Wynn Resorts Ltd. on May 28 acknowledged the decision of the Massachusetts Gaming Commission to impose a $35 million fine on the company, following its yearlong investigation into sexual misconduct allegations against Wynn Resorts founder and former CEO Steve Wynn and how the casino operator handled those accusations.

In the April 30 announcement, the commission said it will allow Wynn Resorts to retain its gaming license in the state, but mentioned that it would impose a $500,000 fine on new Wynn Resorts CEO Matthew Maddox for failing to take action on a sexual harassment complaint.

Wynn Resorts said it will not file an appeal, but noted that it does not agree with the finding that Maddox, who replaced Steve Wynn when he stepped down in February last year, violated company policy.

"The Nevada Gaming Control Board, under whose jurisdiction the alleged activities of our founder occurred, conducted its own yearlong investigation and recently reaffirmed Matt Maddox's good standing in Nevada, and praised him for creating a 'paradigm shift' and for taking 'corrective actions that [have] been impressive'," the company said in a statement.

Wynn Resorts said it would support Maddox if he wishes to appeal the fine, but because this would delay the conclusion of the matter, the company said Maddox has decided to forgo an appeal.

"The company will pay the fine imposed on him and has today delivered payment of that, and the company's fine, to the commission," the hotel and casino operator said.

Wynn Resorts is scheduled to open the $2.5 billion Encore Boston Harbor casino in the state on June 23.