The Massachusetts Gaming Commission hit Wynn Resorts (WYNN - Get Report) with a $35 million fine and slammed CEO Matt Maddox over his mishandling of the sexual misconduct allegations against founder Steve Wynn.
The casino company, however, will get to keep its gaming license in the state.
"The Commission concluded that Mr. Maddox, has at critical junctures, demonstrated questionable judgment and other considerable shortcomings in many facets of his responsibilities as CFO, President, and CEO," the 54-page decision stated.
"The majority of the Commission determined, however, that these shortcomings bear primarily on his competence, not his suitability," the report continued.
In addition to penalty levied against Wymm, the Gaming Commission also hit Maddox personally with a $500,000 fine and requires the company's board of directors to engage an executive coach to provide him with training.
The company could have lost its state gaming license even though none of the allegations happened in Massachusetts.