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Massachusetts fines Wynn Resorts $35 million

Chris Morris writes in Fortune, "The fallout over sexual misconduct allegations against casino mogul Steve Wynn continues to haunt the company he founded.

Gaming regulators in Massachusetts have fined Wynn Resorts $35 million for not disclosing the charges when applying for a casino license near Boston. However, they stopped short of revoking the company’s license and the 671-room casino is expected to open in June.

Additionally, current CEO Matthew Maddox is being fined $500,000 for his role in the matter.

Wynn, who resigned as CEO last February and did not receive any severance, has denied the allegations of non-consensual sex. He sold his entire stake in the company for $2.1 billion last March, considerably less than it was worth before the accusations surfaced.

The Massachusetts ruling follows a similar penalty from casino officials in Nevada, who hit the company with a $20 million fine in February." READ MORE>>

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