Wynn Resorts (WYNN) - Get Report said late Tuesday that it will not appeal a massive fine levied on the casino company related to the handling of sexual misconduct claims, and that it made good on its payment the same day.
The resort was ordered by the Massachusetts Gaming Commission last month to pay a $35 million fine and abide a series of license conditions, including taking on an independent monitor. Chief Executive Matthew Maddox was also told to pay a half million dollar fine, though he was found "suitable" to keep his job.
"The Board of Directors of Wynn Resorts appreciates the findings by the Massachusetts Gaming Commission that it, and its qualifiers, remain suitable by clear and convincing evidence. The Company will not file an appeal," said the company in a statement.
The company added that while disagrees that Maddox violated Wynn policy, it's pleased that Maddox and other current executives were not found to have violated company policies related to sexual misconduct allegations related to founder Steve Wynn. Those allegations followed a January expose in the Wall Street Journal.
"We believe Matt's leadership has been, and will continue to be, essential in our transformation from a founder-led company to an innovative global corporation. Matt has created a more diverse, inclusive and respectful workplace culture - all while maintaining focus on executing the Company's business plan."
The company said it would support an appeal by Maddox and believes he could win, but that an appeal would delay "closure" for the company.
Wynn Resorts is expecting to open Encore Boston Harbor on June 23.
The company was flat at $114.11 in after-hours trading.