Wynn Resorts To Pay Out $41m In Settlement To Close Derivative Lawsuit

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Wynn Resorts To Pay Out $41m In Settlement To Close Derivative Lawsuit December 2, 2019 December 2, 2019 Rachel Bennett
 Casino News December 2, 2019 by  Rachel Bennett

wynn resortsThe Steve Wynn sex scandal broke in Jan 2018 when the Wall Street Journal did an investigative piece that showed the Las Vegas Casino tycoon had a string of alleged sexual assault and rape charges against him.

The article also alleged that Wynn Resorts which Steven Wynn had founded were aware of these allegations but brushed them off to support the behaviour of its chairman.

Wynn Resorts has suffered greatly because of these allegations during the last 2 years as the company’s reputation has been tarnished significantly.

Billionaire Steve Wynn had to relinquish his position in the company he founded and would later go on to sell all of his shares in the company and cut all ties.

Through this time, Steve Wynn has never admitted that he was guilty and claimed that this was an attempt to slander him and taint his reputation. Both Steve Wynn and Wynn Resorts have had to face as many as 8 different lawsuits filed at the Clark County District Court during this period of time.

Steve Wynn has now agreed to pay a total of $20 million from his side to settle all of the cases that have been filed against him and the company. The settlement does not admit that Steve Wynn is guilty but the fact that he has finally agreed to pay does show that he is not willing to fight it out in court.

Total Of $41 Million To Be Paid Out

Wynn Resorts has confirmed that it will pay out a total of $41 million to settle all of the cases which were filed against the company by its shareholders. The company will use the $20 million from Steve Wynn along with an additional $21 million that it will receive from multiple insurance covers.

Wynn Resorts has already coughed up $55 million in fines during the last two years. One of its biggest fines was imposed by the Nevada Gaming Commission in early 2019 when the casino operator had to pay $20 million.

The casino operator is still not done with the backlash that has resulted from Steve Wynn’s behaviour and its efforts to cover up these incidents during the tenure when Mr. Wynn was chairman. Wynn Resorts is once again under pressure to drop the ‘Wynn’ brand and come out with a new name.

Rachel Bennett

Rachel is money our girl, numbers are her thing, she will be keep you informed of how well the casino industry is running

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