Steve Wynn will pay a fortune to Wynn Resorts

Casino mogul, who resigned from his position at the company after scandal, will have to afford the costs alongside insurers.

Macau.- Wynn Resorts would receive MOP 330.5 million (€37 million) from its former CEO Steve Wynn and insurers, as part of a deal linked to the sex scandal that had the casino mogul as main character last year.

Steve Wynn resigned last year from all executive positions at Wynn Resorts and Wynn Macau after allegations of sexual misconduct were levelled against him by dozens of past and present employees

A lawsuit filed by shareholders accusing the company’s directors of not denouncing the gambling tycoon’s alleged pattern of sexual conduct was received and the deal is now pending of approval of a judge in Las Vegas.

Steve Wynn will have to pay US$20 million for damages with another US$21 million will be paid by insurance carriers on behalf of current and former Wynn Resorts employees, the company said in a statement.

“We filed the lawsuit in response to repeated and serious accusations of sexual misconduct by Steve Wynn and the alleged failure of the previous leadership to prevent it”, said the US$209 billion retirement fund manager of New York State. 

“We are pleased that the reforms to this agreement and those undertaken after the commencement of our process will protect Wynn Resorts employees and shareholders from future harm”, he added.

Wynn Resorts owns and operates Wynn Las Vegas, Encore Boston Harbor in Massachusetts, United States, Wynn Macau and Wynn Palace, the casino capital of China and the only site in China where the gaming is allowed.