- 2/11/2025 11:00:56 PM
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In a significant turn of events, Wynn Resorts has announced that it has entered into a “non-prosecution agreement” with the U.S. Department of Justice, marking a resolution to a decade-long investigation. This decision comes with a hefty price tag of $130 million, which the company will forfeit to settle allegations tied to transactions at Wynn Las Vegas involving foreign customers and former employees.
This payment stands out as the largest penalty ever imposed on a Nevada gaming company by the Justice Department, surpassing the previous record set by Las Vegas Sands Corp., which paid $47.4 million in 2013 to avoid criminal charges related to money laundering.
The investigation focused on various transactions at Wynn Las Vegas that involved certain patrons and former employees implicated in unlicensed money-transmitting businesses. In a recent filing, Wynn stated:
“The actions of these individuals, for which Wynn has accepted responsibility, date back many years and violated Wynn’s compliance policies and procedures. We are pleased that [Wynn] has now resolved this long-standing legal matter.”
Wynn Resorts also disclosed a settlement of a class-action lawsuit related to allegations of sexual harassment against former Chairman and CEO Steve Wynn. This lawsuit was initiated by shareholders in February 2018 following reports by the Wall Street Journal. Steve Wynn, who has consistently denied the allegations, resigned from his positions and divested his stock in the company. The settlement resolves all claims against the company and its directors concerning this matter.
After the announcement, Kirk Hendrick, the Chairman of the Nevada Gaming Control Board, acknowledged the non-prosecution agreement but refrained from commenting on whether the agency would pursue its own investigation into the matter.
With these significant legal hurdles behind them, Wynn Resorts aims to move forward, focusing on compliance and governance to restore trust and stability within the company. As they navigate this new chapter, the industry watches closely to see how they will implement the changes promised in the wake of these controversies.
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