NGCB Loses Steve Wynn Local Licence Lawsuit
The 2019 court application by the Nevada Gaming Control Board (NGCB) to have Wynn Resorts founder Steve Wynn declared unfit to a hold a casino licence in the state has been dismissed. Clark County District Judge Adriana Escobar ruled that since Wynn has completely left the company as well as divested all ownership in the operator, the local gaming board no longer enjoyed jurisdiction over the 78-year-old retired businessman.
Wynn last year filed a 25-page counterapplication to a motion filed against him by the Nevada Gaming Control Board. The NGCB application set out 5 points as to why the Wynn Resorts founder should be declared unfit to hold a state gaming licence. The application stresses that according to the gaming board, Steve Wynn is unsuitable for a gaming licence because of him being a person of ill character and given to dishonesty.
Company Ordered To Sever Ties
Wynn Resorts during 2019 nearly lost out on a Massachusetts State gaming licence because of the operator’s ongoing association with its founder. The Massachusetts regulator eventually declared an ultimatum: sever all ties with Steve Wynn or forfeit the right and licence to operate Encore Casino.
The situation at one stage even turned sour to the point of regulators refusing to grant licenses to Wynn Resorts if the former CEO and founder even as much as lived in a property owned by the company.
The disgraced businessman first resigned from the company bearing his name in February 2018 after a prominent news journal exposed the fact that dozens of employees had accused him of sexual harassment. Among several more allegations were that of a manicurist accusing the disenfranchised billionaire of forcing her to have sex with him after giving him a manicure in his office in 2005. Wynn has long and vehemently denied the allegations.
Money, Money, Money
But the disgraced casino mogul is out of more than just his reputation. Wynn last year paid $20 million to Wynn Resorts as part of the provisions of a deal to settle shareholder lawsuits accusing the operator’s directors of a failure to disclose the alleged sexual misconduct and patters of harassment to regulators. The eventual settlement stipulated that Wynn would pay an amount of $20 million, and the company’s insurance carriers would pay an additional sum of $21 million.
Wynn Resorts also got fined an additional $20 million by Nevada regulators – and for the same reason. The fine is considered the largest ever imposed on a gambling licence-holder in Nevada.