Steve Wynn pays $29.5m toward settlement of suits against casino giant

Thursday 28th November 2019

Casino mogul Steve Wynn agreed to pay $US20 million ($29.5 million) toward a settlement of shareholder lawsuits that claimed Wynn Resorts' board had been complicit in his alleged sexual misconduct.

The former chief executive officer stepped down from the company in February 2018 and sold his shares after he was accused by multiple employees of forcing them to have sex. Steve Wynn claimed the sex was consensual.

Under the settlement, Wynn Resorts will get a total of $US41 million with insurance carriers picking up the remaining $US21 million, the company said in a statement on Wednesday. Wynn Resorts agreed to make changes in its corporate governance as part of the settlement, including separating the role of the chairman and the chief executive, according to the statement.

New York State Comptroller Thomas DiNapoli filed a derivative lawsuit last year that accused the board of not doing anything to stop Steve Wynn's alleged misconduct. The lawsuit was filed on behalf of the company against the board.

Source

Best New Customer Offers

Bonus up to £1000 + 1000 LV Spins

Welcome Package

18+. New customers only. Welcome bonus is valid for first 4 deposits. Min. deposit £10. Wagering requirement 35x. Max bonus: £200 (100%) + £200 (50%) + £500 (25%) + £100 (200%). Max. spins: 200 + 200+ 500 +100 Spins. Full terms apply.

Bonus up to £200 + 100 Free Spins

Welcome Package

18+. New players only. Min Deposit £10. Welcome package splits over 3 deposits. 35x wagering requirement applies to match up bonus. Offer valid for 1 week. 100 spins split to 20 spins a day for 5 days. 50x wagering applies to spins. Full terms apply.

We use cookies and other tracking technologies to improve your browsing experience on our website, to show you personalized content and targeted ads, to analyze our website traffic, and to understand where our visitors are coming from. By browsing our website, you consent to our use of cookies and other tracking technologies. View more
Agree & Continue