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'The golden years are not golden': Boomers are hoarding most of America's wealth and power because they're terrified of outliving their money

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I've sold property on California's Central Coast for decades. The buyers chasing ranch and winery estates are after more than a lifestyle

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Gen Zers are arriving to college unable to even read a sentence—professors warn it could lead to a generation of anxious and lonely graduates

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'The golden years are not golden': Boomers are hoarding most of America's wealth and power because they're terrified of outliving their money

2

I've sold property on California's Central Coast for decades. The buyers chasing ranch and winery estates are after more than a lifestyle

3

Gen Zers are arriving to college unable to even read a sentence—professors warn it could lead to a generation of anxious and lonely graduates
Wynn Resorts

Massachusetts Fines Wynn Resorts $35 Million

By
Chris Morris
Chris Morris
Former Contributing Writer
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By
Chris Morris
Chris Morris
Former Contributing Writer
Down Arrow Button Icon
May 1, 2019, 12:09 PM ET

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.

Wynn was accused of repeated sexual misconduct over a period that spanned decades, with one incident leading to a $7.5 million settlement between Wynn and a former manicurist at his resort who said the executive pressured her to have sex with him.

“The corporate culture of the founder-led organization led to disparate treatment of the CEO in ways that left the most vulnerable at grave risk,” said the Massachusetts Gaming Commission in a statement. “While the Company has made great strides in altering that system, this Commission remains concerned by the past failures and deficiencies.”

About the Author
By Chris MorrisFormer Contributing Writer

Chris Morris is a former contributing writer at Fortune, covering everything from general business news to the video game and theme park industries.

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