One of the most powerful individuals in the casino industry is in hot water. For months, Steve Wynn has been at the center of several sexual misconduct lawsuits. Now, the Nevada Gaming Board is filing a complaint to permanently ban Mr. Wynn from the casino industry.
Things are not looking good for Wynn and his former company right now. Today, we’re going to take a quick look at the allegations against the casino mogul. We’ll also look at some of Wynn Resorts’ upcoming expansion plans. Let’s get started!
The Growth of Wynn Resorts Over the Years
Steve Wynn has been a major player in Las Vegas for years. His first real break came in 2000 when he sold Mirage Resorts to MGM Grand. That same year, Wynn purchased the Desert Inn for $270 million.
Soon, he partnered with Japanese billionaire Kazuo Okada and took control of nearly half of the Universal Entertainment Corporation’s stock. In 2002, the company hired Ronald Kramer as President and Director to help take the company public.
Wynn Resorts had its IPO in October of 2002 and by 2005, the company purchased its first major project, Wynn Resorts. It also quickly expanded into Macau with the opening of Wynn Macau. Over the past decade, Wynn Resorts has grown to become one of the biggest and most lucrative casino companies in the world.
Not long ago, Wynn Las Vegas was named the best casino in the country. This company now owns a huge number of casino-resorts all around the world.
Unfortunately, Steve Wynn is being accused of sexual misconduct. The allegations are serious enough for Nevada’s Gaming Board to take action.
Allegations Against Steve Wynn, Explained
Back in 2018, the Wall Street Journal published an investigative report that details Steve Wynn’s decades of sexual misconduct. According to the report, Wynn used his status atop the casino industry to pressure his employees into different, inappropriate situations.
Some of the women detailed in the report even claimed to hide in bathrooms and schedule fake appointments in order to avoid the CEO. Mr. Wynn quickly denied the allegations by stating, “The idea that I ever assaulted any woman is preposterous.”
Wynn Resorts board members quickly got together to investigate the allegations. The board claimed it was “deeply committed to ensuring the safety and well-being of all of the company’s employees and to operating with the highest ethical standards.”
In February, Wynn stepped down as CEO of Wynn Resorts. He also sold his stock in the company and seemed to disappear from the public spotlight.
Since early 2018, more allegations have come to light. In early October, Steve Wynn was named in two sexual harassment cases in less than one week. Reports are also surfacing that officials within Wynn Resorts, as well as Mr. Wynn himself, pressured several women to avoid talking with the media about their claims.
The former CEO is continuing to deny all of the allegations being thrown his way. It doesn’t seem to be convincing Nevada officials, though.
Nevada Officials Want to Ban Wynn From Gambling Industry
This week, the NV Gaming Board has officially filed a five-count complaint against Steve Wynn. The gambling board claims that the allegations of sexual misconduct violate state licensing suitability regulations. This complaint, if approved, would prohibit Steve Wynn from ever being licensed to operate a casino in the state again.
Mr. Wynn has not yet responded to the complaint. According to numerous reports, he is currently living in Florida.
There are several lawsuits that involve the former casino mogul. Wynn Resorts is also continuing to be hit with these legal charges.
This week, officials in the company announced that they are no longer interested in opening a casino-resort in Osaka. The company now seems determined to open one of these new gambling venues in the city of Yokohama.
There’s a lot going on with this company. It’s unclear exactly how these lawsuits will affect Wynn Resorts’ day to day operations. Stay tuned for more updates over the next few months!