Wynn Resorts agrees Nevada fine in Steve Wynn case

Wynn Resorts has admitted executives failed to report sexual misconduct allegations against Steve Wynn, according to reports in the US.

Founder, former President and CEO Wynn resigned last February in light of the allegations but the Nevada Gaming Control Board (NGCB) continued its investigation after his departure.

Wynn Resorts has acknowledged it failed to comply with Nevada gaming laws and has now reached a settlement with the NGCB.

Executives were aware of at least seven allegations of misconduct by Wynn dating to 2005 but failed to act.

The settlement includes an unspecified fine but the NGCB will not take action against current executives or the operator’s gaming license.

Wynn Resorts says it has implemented major reforms since Wynn’s departure, although the NGCB is yet to approve the settlement or determine the size of the fine.

The operator's share price has steadily risen in the last month, from a low of $92 in December to $118 this month. However, that remains a sharp decrease from the high of $195 in May 2018.