It is impossible to look at the modern Las Vegas Strip without seeing the fingerprints of casino mogul Steve Wynn. The Mirage, the Treasure Island, the Bellagio, Wynn Las Vegas and the Encore are among the crowning achievements of the visionary casino developer. That era in Nevada gaming came to an official end this summer.
In July, Steve Wynn and his attorneys agreed to a settlement with the Nevada Gaming Control Board that would settle a long-running dispute between the parties. The agreement would mean that Steve Wynn would never be actively involved in Nevada gaming again, and would also pay $10 million in the settlement.
Under the terms of the settlement, Steve Wynn could still own a passive ownership stake in a casino in stocks, as long as it is 5 percent or less. Steve Wynn sold his shares of Wynn Resorts International in 2018. His stake had an estimated value of $2.1 billion.
Steve Wynn had been accused of sexual misconduct and sexual abuse by numerous women at Wynn Las Vegas. He has long denied the allegations, but nonetheless stepped down as the head of Wynn Resorts in early 2018, after the scandal broke. Wynn also relinquished his gaming license at the time he stepped down.
The settlement does not constitute an admission of guilt, but rather a compromise for both parties. The Nevada Gaming Control Board had filed a complaint against Steve Wynn in October 2019, over the sexual misconduct allegations against him. The board sought to deem him as unsuitable to hold a Nevada gaming license. The board could have also imposed more fines and discipline on Steve Wynn.
Steve Wynn, however, maintained that the board lacked jurisdiction over him, as he had already stepped down from his post as chairman and CEO of Wynn Resorts, and relinquished his gaming license.
This legal dispute had drug on for nearly four years, with victories and defeats for both sides. In December 2019, the Nevada Gaming Commission ruled against Steve Wynn in the dispute, and his attorneys then sued in Clark County District Court. They challenged the claims that regulators had authority over Steve Wynn at that point.
A district court judge ruled in 2020 that regulators no longer had oversight over Steve Wynn. But that ruling was later reversed by the Nevada Supreme Court, in March 2022.
Steve Wynn, 81, now resides in Florida. Attorneys for Steve Wynn have not commented for this story.
In February 2019, Wynn Resorts had paid a $20 million fine to the gaming commission over claims that former Wynn Resorts executives had failed to “report and/or investigate” sexual abuse and sexual misconduct allegations. That $20 million was the largest gaming commission fine in Nevada history.
Steve Wynn Created the Modern Megaresort Era on the Las Vegas Strip
Long before all the allegations of sexual misconduct, Steve Wynn was viewed mostly as a beloved founding father of Las Vegas gaming. While the head of MGM Mirage, Wynn built the volcano-themed Mirage, the pirate-themed Treasure Island and really took Las Vegas from the casino and slot-joint era to one of big-time attractions and megaresorts.
After selling MGM Mirage, Steve Wynn would create his own Wynn Resorts to open in the 2000s. That lead to the birth of the luxury Wynn Las Vegas, and was followed by the Encore resort. Michael Green, a longtime Las Vegas historian, recalled many of the achievements that Steve Wynn will be remembered for in the world of gaming.
“Steve Wynn did more to create the modern Las Vegas megaresort experience than anyone else. In the mid-1980s, he said that Las Vegas didn’t need another casino, but it sure could use an attraction. He was right and he delivered it: The Mirage, with its volcano, tropical rain forest theme, and Siegfried & Roy in the showroom — with their white tiger cubs on site to boot,” Green recalled. “The Bellagio is a gold standard. The Wynn and the Encore also set high standards; Treasure Island expanded on the idea of an attraction. And, indeed, he turned the Golden Nugget into a major hotel from a small gambling hall. His accomplishments are many.”
Green points to Steve Wynn also “creating a new image for Las Vegas casino owners.” This image included art collecting and doing his own entertaining commercials for his hotels. “(He) included Dolly Parton as a maid and Frank Sinatra, (who) responded to Wynn introducing himself as the owner, (by) patting him on the cheek and saying he needed more towels.”
Now unfortunately, adds Green, the legacy of Steve Wynn’s momentous achievements will be tarnished by all the sexual misconduct allegations and scandals of recent years.
“Just as the original builders Wynn supplanted had their own skeletons, it turned out that Wynn had a problem,” Green continued. “Granted that he hasn’t been convicted in a court of law, (but) he has been convicted in the eyes of Nevada gaming regulators — and many who admired or disdained him.”
Valerie Miller is an award-winning Las Vegas Valley-based journalist. She can be reached at (702) 683-3986 or [email protected].
The post Steve Wynn’s Settlement Formally Ends his Nevada Gaming Career appeared first on Vegas Legal Magazine.